Charity number: 1023745
THE STANLEY MEWS COMMUNITY TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE STANLEY MEWS COMMUNITY TRUST
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 16 |
THE STANLEY MEWS COMMUNITY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
Trustees
G E Hill, Chairman P Patel H K T Tailor A Ward G Tidbury, Treasurer M Hamilton S Smith
Charity registered number
1023745
Principal office
11 Stanley Mews, Wellingborough, Northamptonshire, NN8 1DP
Page 1
THE STANLEY MEWS COMMUNITY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the charity for the 1 April 2020 to 31 March 2021.
Objectives and Activities
a. POLICIES AND OBJECTIVES
The objectives of the charity as set out in the Constitution are as follows:
The principal activity of the charity is to relieve the material and educational needs of people with learning difficulties who have special educational needs or are in some other way disadvantaged.
The trustees may, in the pursuit of this principal, establish sheltered workshops, provide suitable accommodation and care, and provide bursaries and scholarships for educational training for people with learning difficulties.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
The charity achieves its objectives by providing safe and secure accomodation and low level, day to day support to aid the wellbeing and happiness of their beneficiaries.
During this financial year 1st April 2020 – 31st March 2021 we were unable to plan or hold many activities due to the Covid 19 restrictions and advice from the government. We had to close our day lounge where we held events for tenants.
Once restrictions were eased and a small number were able to meet outside, our staff laid on BBQs and social distanced games outside, such as bingo, charades etc.
It was quite a challenging time for our tenants as the majority of them have their routines and by changing this, causes them some anxiety. Our staff were working separate and individual shifts so they could be kept safe and the welfare of the tenants.
Now restrictions are planned to be lifted we are looking forward to starting activities with the tenants again.
c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
The charity meets the definition of a public benefit entity under FRS 102. The trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the association's aims and objectives and in planning future activities.
The trustees carry out these objectives by providing people with learning difficulties with a safe and secure environment in which to live and be supported.
Achievements and performance
a. KEY FINANCIAL PERFORMANCE INDICATORS
The charity had a surplus for the year of £101,442 (2020 - £74,242).
The Balance Sheet shows net assets at 31 March 2021 of £937,565 (2020 - £836,123). Of this balance £NIL (2019 - £NIL) is restricted funds. Included within net assets is freehold property held at net book value of £776,532 (2020 - £795,948).
Page 2
THE STANLEY MEWS COMMUNITY TRUST
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
b. REVIEW OF ACTIVITIES
The Stanley Mews Community Trust receives referrals from social services and sometimes from people who contact the charity directly. The charity then carries out a review and an interview with the potential applicant to assess their needs. They are then offered accommodation and support and a package is compiled to support the individual concerned. Many support packages are prepared with a long term view, however they are reviewed annually by social workers.
During the year the accommodation provided by the charity was fully occupied at all times and remains so now.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. RESERVES POLICY
The charity had current assets at the Balance Sheet date of £162,539 (2020 - £141,606). The annual expenditure of the charity was £153,901 (2020 - £154,675) and the trustees therefore feel there are adequate levels of reserves to ensure the smooth operation of the activities of the charity for at least the next 12 months.
At any point in time the ratio of reserves to expenditure will vary due to the timing of events and transactions. The trustees propose to maintain the charity's unrestricted reserves to cover short term future operational expenditure.
Structure, governance and management
a. CONSTITUTION
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity,
. The charity is governed by a constitution dated 30 May 1993 as amended by a supplemental trust deed dated 7 December 2000.
The charity governs the appointment of trustees.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Trustees are normally referred to the charity by word of mouth. Potential trustees are subsequently invited to a meeting to ascertain how they would be able to support the The Stanley Mews Community Trust. If it is felt that the person would be a good fit and all current trustees agree, the new trustee is appointed.
Page 3
THE STANLEY MEWS COMMUNITY TRUST
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The charity currently has seven trustees who oversee the day to day operation of the charity. During the year to 31st March 2021 they employed five people to assist with the running of the activities of the charity. The trustees meet regularly throughout the year to discuss the ongoing progress and finances of the charity.
This report was approved by the Trustees, on
and signed on their behalf by:
................................................
G E Hill, Chairman
Page 4
THE STANLEY MEWS COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STANLEY MEWS COMMUNITY TRUST (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
Page 5
THE STANLEY MEWS COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
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.
Signed:
Dated:
Adam Young ACA
Peterbridge House, The Lakes, Northampton, NN4 7HB
Page 6
THE STANLEY MEWS COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds Note 2021 £ INCOME AND ENDOWMENTS FROM: Grants 2 68,546 Accomodation & Care 3 186,797 TOTAL INCOME AND ENDOWMENTS 255,343 EXPENDITURE ON: Charitable activities 6 153,901 TOTAL EXPENDITURE 153,901 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES 101,442 NET MOVEMENT IN FUNDS 101,442 RECONCILIATION OF FUNDS: Total funds brought forward 836,123 TOTAL FUNDS CARRIED FORWARD 937,565 |
Total funds 2020 £ 59,826 169,091 |
|---|---|
| 228,917 | |
| 154,675 | |
| 154,675 | |
| 74,242 74,242 761,881 |
|
| 836,123 |
The notes on pages 9 to 16 form part of these financial statements.
Page 7
THE STANLEY MEWS COMMUNITY TRUST
BALANCE SHEET AS AT 31 MARCH 2021
| Note FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS:amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:amounts falling due after more than one year 11 NET ASSETS CHARITY FUNDS Unrestricted funds 12 TOTAL FUNDS |
£ 50,166 112,373 162,539 (4,355) |
2021 £ 779,381 158,184 937,565 - 937,565 937,565 937,565 |
£ 19,853 121,753 141,606 (21,267) |
2020 £ 798,476 120,339 918,815 (82,692) 836,123 836,123 836,123 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on
and signed on their behalf, by:
................................................
G E Hill, Chairman
The notes on pages 9 to 16 form part of these financial statements.
Page 8
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Stanley Mews Community Trust constitutes a public benefit entity as defined by FRS 102.
1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 9
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES (continued)
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.4 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Freehold property 2% straight line - Fixtures and fittings 33% rounding balance - Computer equipment 25% rounding balance
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 10
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES (continued)
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
2. INCOME FROM DONATIONS AND LEGACIES
| Grants Total 2020 |
2021 £ 68,546 59,826 |
2020 £ 59,826 |
|---|---|---|
3. INVESTMENT INCOME
| Rental income Interest income Total 2020 |
2021 £ 186,767 30 186,797 169,091 |
2020 £ 168,990 101 169,091 |
|---|---|---|
Page 11
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. DIRECT COSTS
| Pensions Consultants and agency staff Room hire Wages Water rates Insurance Computer costs House rent Cleaning Light and heat Tenants social activities Repairs and maintenance Sundries Total 2020 SUPPORT COSTS Professional fees Bank charges Staff training Telephone and mobile Printing, postage and stationery Total 2020 |
2021 £ 895 - - 28,517 252 3,540 678 17,983 5,027 1,030 550 18,768 1,802 79,042 85,171 2021 £ 85 2,218 2,561 1,787 488 7,139 18,887 |
2020 £ 202 6,743 15 28,618 368 3,976 450 20,972 673 1,884 1,584 18,020 1,666 85,171 |
|---|---|---|
| 2020 £ 102 5,201 535 1,727 986 8,551 |
||
5. SUPPORT COSTS
Page 12
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. GOVERNANCE COSTS
| Accountancy fees Legal fees Pensions Trustees fees Trustees expenses reimbursed Wages and salaries Depreciation - tangible fixed assets Depreciation - property |
2021 £ 4,880 1,863 - - 144 40,334 1,083 19,416 67,720 |
2020 £ 5,738 4,598 121 45 722 29,469 844 19,416 |
|---|---|---|
| 60,953 |
7. STAFF COSTS
Staff costs were as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 40,334 | 29,469 |
The average number of persons employed by the charity during the year was as follows:
| 2021 | 2020 |
|---|---|
| No. | No. |
| 7 | 7 |
No employee received remuneration amounting to more than £60,000 in either year.
Page 13
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. TANGIBLE FIXED ASSETS
| Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Freehold property £ 1,026,271 - 1,026,271 230,323 19,416 249,739 776,532 795,948 |
Fixtures and fittings £ 10,416 - 10,416 8,758 332 9,090 1,326 1,658 |
Computer equipment £ 6,964 1,404 8,368 6,094 751 6,845 1,523 870 |
Total £ 1,043,651 1,404 1,045,055 245,175 20,499 265,674 779,381 798,476 |
|---|---|---|---|---|
9. DEBTORS
| DEBTORS | ||
|---|---|---|
| Trade debtors Other debtors Prepayments and accrued income |
2021 £ 47,455 43 2,668 50,166 |
2020 £ 17,182 43 2,628 |
| 19,853 |
10. CREDITORS: Amounts falling due within one year
| Bank loans and overdrafts Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ - 475 - 160 3,720 4,355 |
2020 £ 15,922 167 378 - 4,800 |
|---|---|---|
| 21,267 |
Page 14
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. CREDITORS: Amounts falling due after more than one year
| 11. CREDITORS: Amounts falling due after more than one year |
|||
|---|---|---|---|
| Bank loans 12. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 April 2020 £ Unrestricted funds General Funds 836,123 STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 April 2019 £ General funds General Funds 761,881 SUMMARY OF FUNDS - CURRENT YEAR Balance at 1 April 2020 £ General funds 836,123 SUMMARY OF FUNDS - PRIOR YEAR Balance at 1 April 2019 £ General funds 761,881 |
2021 £ - Income Expenditure £ £ 255,343 (153,901) Income Expenditure £ £ 228,917 (154,675) Income Expenditure £ £ 255,343 (153,901) Income Expenditure £ £ 228,917 (154,675) |
2020 £ 82,692 Balance at 31 March 2021 £ 937,565 |
|
| Balance at 31 March 2020 £ 836,123 |
|||
| Balance at 31 March 2021 £ 937,565 |
|||
| Balance at 31 March 2020 £ 836,123 |
Page 15
THE STANLEY MEWS COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR | ||
|---|---|---|
| Unrestricted | ||
| funds | ||
| 2021 | ||
| £ | ||
| Tangible fixed assets | 779,381 | |
| Current assets | 162,539 | |
| Creditors due within one year | (4,355) | |
| 937,565 | ||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR | ||
| Unrestricted | ||
| funds | ||
| 2020 | ||
| £ | ||
| Tangible fixed assets | 798,476 | |
| Debtors due after more than 1 year | 19,853 | |
| Current assets | 121,753 | |
| Creditors due within one year | (20,889) | |
| Creditors due in more than one year | (82,692) | |
| Provisions for liabilities and charges | (378) | |
| 836,123 |
14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net income for the year (as per Statement of Financial Activities) Net cash provided by operating activities 15. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total |
2021 £ 101,442 101,442 2021 £ 112,373 112,373 |
2020 £ 74,242 |
| 74,242 | ||
| 2020 £ 121,753 |
||
| 121,753 |
16. RELATED PARTY TRANSACTIONS
There were no related party transactions for the year ended 31 March 2021.
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THE STANLEY MEWS COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Page 17