Company no. 02890316 Charity no. 1042581
Stockwell Park Community Trust Ltd (A company limited by guarantee) Report and Financial Statements For the Year Ended 31 March 2022
BREBNERS
Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR
Stockwell Park Community Trust Ltd For the year ended 31 March 2022 Structure, governance and management
| Status | The Trust is a charitable company limited by guarantee, incorporated on |
|---|---|
| 18 January 1995 and registered as a charity on 9 December 1994. | |
| Governing document | The company was established under a memorandum of association which |
| established the objects and powers of the charitable company and is | |
| governed under its articles of association. | |
| Appointment of Trustees | The trustees are reappointed on an annual basis. The board advertises |
| and recruits for new posts and accepts new trustees once they have | |
| undergone training. Members of the Trust guarantee to contribute an | |
| amount not exceeding £1 to the assets of the charity in the event of | |
| winding up. The total number of such guarantees at 31 March 2022 was 9 | |
| (2021 - 8). The trustees are members of the charity but this entitles them | |
| only to voting rights. | |
| Reference and administrative details | |
| Company Number | 02890316 |
| Charity number | 1042581 |
| Operational address | Stockwell Park Community Trust Ltd |
| Aytoun Place | |
| London | |
| SW9 0UD | |
| Honorary officers | Martin Thomas Chairman |
| Principal staff | Julie Fawcett MBE Manager |
The trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Martin Thomas Karina O'Doherty Jonathan Barden MBE Charles Olorunda Ina Hughes Bernice Shand Rennie Rhooms (resigned 7 May 2021) Steven Cummings Kevin Nolan (appointed 28 March 2022) Timothy Goodwin (appointed 25 March 2022) Patrick Flynn (appointed 20 April 2022) Bankers National Westminster Bank 504 Brixton Road London SW 8EB
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Stockwell Park Community Trust Ltd For the year ended 31 March 2022 Structure, governance and management
Secretary and Julie Fawcett MBE Registered Office 21 Aytoun Place Stockwell London SW9 0TE Independent examiners Darren Bond Brebners 130 Shaftesbury Avenue London W1D 5AR
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Stockwell Park Community Trust Ltd For the year ended 31 March 2022 Report of the trustees
The trustees present their report and the financial statements for the year ended 31 March 2021. Reference and administrative information set out on pages 1 and 2 forms part of this report.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102), issued on 16th July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland FRS 102 (effective 1 January 2019).
Objects of the charity
The objects of the Stockwell Park Community Trust Limited are to promote the benefit of the public, in particular those residing in and around the area designated as Stockwell Park Estate, Brixton, by advancing education, relieving poverty, providing facilities for recreation and leisure time occupation, supporting, encouraging and promoting racial harmony enlightenment and unity.
The trustees confirm that they have referred to the Charities Commission's guidance on public benefit when renewing the Trust's aims and objectives in planning future activities and setting the grant making policy for the year.
Activities and review
The Centre slowly reopened after the Pandemic. The Trust was keen to assist those who had been isolated for so long and worked with Certitude to deliver art classes and a choir for a period of two years for those with enduring mental health problems who had been alone for so long.
Other groups who were engaged in evaluating the mental and physical health of local people used the Centre to deliver their surveys. “Rooted by Design” spent three days interviewing BAME clients. Age Concern began to use the Centre to work with families who have those with dementia who were upset during the Lockdown. A book club attended once a week set up for those who had been isolated during the Pandemic.
We increased our work with those on the Autistic Spectrum working with “2nd Voice”, “The All Aboard Club”, “All for Autism” and “Neuro Diversity CIC” to ensure that our families had access to support on their doorstep
Our young people were offered training with “Action Breaks Silence”, a charity dedicated to dealing with violence within the family, a trip to Hindleap Warren in Sussex to get them away from the estate and taking part in physical activities, Philip Chan, a well known Maths teacher deliver a number of sessions to both school children and adults and was hugely well received. We also collaborated with RoboThink Barnet to deliver a free to the family one day coding class for 24 children on the pupil premium.
The Trust worked with a number of arts organisations to refresh the Centre. These included the WOM Collective, Almanac, the Brixton Chamber Orchestra and the SLD Gentle Films. The Trust also created its own Podcast studio and Media Hub - already used by fulfilling lives.
The Trust continued to offer space to training agencies: Interger Training, Gateshead Training (basic skills) Identity Arts and Mayday Films.
We offered space to the NHS to deliver all innoculations that were not delivered during Lockdown.
The Trust began work with “We are Digital” to deliver the Windrush Impact Scheme to local residents.
We held a successful (socially distanced) Christmas Event. We continued to deliver Foodbank Services in partnership with City Harvest.
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Stockwell Park Community Trust Ltd For the year ended 31 March 2022 Report of the trustees
We took the opportunity to upgrade the Centre, providing a safer Covid environment and repainting.
Financial review
Income for the year decreased by £37,258 to £238,622, principally driven by a decrease in Grants of £77,736, as detailed in Note 11, following the end of the Coronavirus Job Retention Scheme during the current financial year. This was offset to an extent by an increase of £41,288 in Room Hire income following the lifting of COVID-19 restrictions and an increase of £844 in donations. The core funding grant from Network Homes decreased by £2,654 to £164,032, offset by an increase of £1,000 in other grant income. There was a modest decrease in outgoing expenditure of £5,321 and the overall result for the year was a surplus of unrestricted reserves of £28,524.
Reserves policy
The Company currently has unrestricted general reserves of £135,060. This is in line with the Company's target of the equivalent of three months' expenditure.
Risk statement
The trustees and staff jointly reviewed the possible risks facing the organisation during the year. Therefore they are aware of the major risks facing the Trust and are taking adequate steps to protect the Trust. The major risks are related to the nature of the work within the community, the type of clients and the use of appropriate volunteers and community people.
Organisation structure
The board consists of 10 trustees, all whom are elected by the members. A manager is appointed by the board to manage the day to day running of the company.
The trustees
The trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Martin Thomas Karina O'Doherty Jonathan Barden MBE Charles Olorunda Ina Hughes Bernice Shand Rennie Rhooms (resigned 7 May 2021) Steven Cummings Kevin Nolan (appointed 28 March 2022) Timothy Goodwin (appointed 25 March 2022) Patrick Flynn (appointed 20 April 2022)
Appointment of the trustees
The trustees are reappointed on an annual basis. The board advertises and recruits for new posts and accepts new trustees once they have undergone training. Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2022 was 9 (2021 - 8). The trustees are members of the charity but this entitles them only to voting rights.
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Stockwell Park Community Trust Ltd For the year ended 31 March 2022 Report of the trustees
Training of the trustees
New trustees undergo an orientation period to brief them on their legal obligations under charity and company law, the content of the Memorandom and Articles of Association, the board and decision-making processes, the business plan and recent financial performance of the charity. Prior to joining the Board, they are invited to attend a board meeting. During the induction period they meet key employees and other trustees if available.
Organisation
The trustees administer the charity. The board meets 4 times a year, either in person or remotely, with the Chairman and the Manager; an Executive Committee exists and is charged with strategic planning; and an informal trustee/staff group meets to discuss innovation and service delivery.
Independent examiners
Brebners were appointed as the charitable company's independent examiners and have expressed their willingness to continue in that capacity.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Approved by the trustees on ……………………………. and signed on their behalf by
Martin Thomas - Trustee
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Independent examiner's report to the Trustees of Stockwell Park Communlty Trust Llmited I report to the charity trustees on my examination of the financial statewnents of the Company for the year ended 31 March 2022. s¥hi¢h are sel out on pages 7 to 15. Rosponsibilities and basis of report As the charity's trustees of the Company land also ils directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companles Act 2006 Ilhe 2006 Acri. Having sats'sfied myself that the financial statements of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitys financial statements as carried out under section 145 of the Charities Act 2011 Ilhe 2011 Act,). In carrwng out my examination I have followed the Directions given by the Charity Commission under section 145{51 Ibl of the 2011 Act. Independent examinerfs statement If the company's gross income exceeds £250,000 your examiner musl be a member of a body lis18d in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales, which is one of the listed bodies. I have completed my examination. I confimi ihat no matters have come lo my attentlon in connection th the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by secfjon 386 of the 2006 A¢l,' or the financial statements do not accord with those records,. or the financial statements do not comply with the accounting requiremen15 of section 396 of the 2006 Act other than any requirement that the accounts give a'lrue and fair vievl which is not a maller considered as part of an independent examination., or the financial statements have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practice for aGGounting and reporting by charits'es lapplicable lo charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concems and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Darren Bond for Brebners Chartered Accounlanls 130 Shaftesbury Avenue London W1D SAR 202
Stockwell Park Community Trust Ltd Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 March 2022
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2022 2021
Restricted Unrestricted Total Total
Note £ £ £ £
Incoming resources
Incoming resources from charitable activities: 11 14,994 223,628 238,622 275,880
Total incoming resources 14,994 223,628 238,622 275,880
Resources expended
Charitable activities 3 19,085 195,104 214,189 219,509
Total resources expended 19,085 195,104 214,189 219,509
Net incoming / (expended) resources for the year 4 (4,091) 28,524 24,433 56,371
Reconciliation of funds
Funds at the start of the year 5,757 106,536 112,293 55,922
Funds at the end of the year 1,666 135,060 136,726 112,293
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All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 11 to the financial statements.
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Stockwell Park Communlty Trust Lld Balance sheet As at 31 March 2022 2022 2021 Flxed asset5 Tangible fixed assets Computers, Furniture & Frttings 8,039 8.753 Current assets Debtors Cash at bank and in hand 5,845 138,221 144.066 118,072 118,072 Credltors: amounts due wlthln 1 year 15,379 14,532 Net current assfrts 128,687 103.540 N•t ass8ts 136,726 112,293 Funds Reslricled funds Unrestricled fund$ General fund5 1,666 5.757 135,060 106.538 Total funds 136,726 112,293 For the year ended 31 March 2022, the ¢omp8ny was enlilled to exemption from audit under section 477 of the Companies Acl 2006 relating lo small ¢ompanies. Trust&e responslbllltlgs: The trustees have not requlred the company to obtain an audit of ils financlal statements for the year in question in accordance with section 476 The Iruslees acknOedge their responsibilities for complwng wth the requirement5 of the Act wth respect to accounting recoTds and the preparation of the financial statements These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime wthin Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financi l Reporting Standard, applicable in the UK and Republic of Ireland. Approved by the Ir slees on and signed on their behalf by in ee Company Number.. 02890318 Charity Number.. 1042581
Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2022
Company Information
The Stockwell Park Community Trust Ltd is a company limited by guarantee and has no share capital. The liability of each member does not exceed £1. It is a charity registered in England and Wales with registration number 1042581. Its company registration number is 02890316 and it is registered in England and Wales.
The company's registered office is 21 Aytoun Place, Stockwell, London SW9 0TE
Statement of Compliance
These financial statements have been prepared in accordance with 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 Ireland (FRS 102 SORP) (effective from 1 January 2019), together with the Companies Act 2006 and Charities Act 2011.
1. Accounting policies
Basis of preparation
Stockwell Park Community Trust Limited has general funds of £135,060 and net current assets of £128,687 at 31 March 2022. The manager and trustees continue to seek additional unrestricted funding and closely monitor expenditure. They are also exploring a range of possibilities to ensure that the Charity maintains adequate financing facilities. After making enquries, the trustees have a reasonable expectation that the charity has adequate resources to be able to pay its liabilities when they fall due. On this basis, the trustees consider it is appropriate to prepare the financial statements on a going concern basis for the year ended 31 March 2022.
These financial statements have been prepared using historical cost convention, except any items disclosed in the accounting policies as being shown at fair value, and are presented in sterling, which is the functional currency of the entity. The figures presented in the accounts are rounded to the nearest £1.
The trust constitutes a public benefit entity as defined by FRS 102.
COVID-19 statement
While the coronavirus pandemic has restricted the Charity's income-generating activities, the Charity has taken steps to mitigate this disruption. The Charity has taken advantage of the Coronavirus Job Retention Scheme, and continued to apply for, and receive, its core funding. Further steps are being taken to secure lettings in the immediate future. The trustees have considered a period of no less than 12 months following the date of signature of these accounts in their assessment of the Charity's going concern ability. These activities, along with a healthy cash balance, mean that the trustees consider it is appropriate to prepare the financial statements on a going concern basis for the year ended 31 March 2022.
Incoming resources
Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable. Intangible income is recognised as an incoming resource where the provider of the service has incurred a financial cost. Volunteer time is not included in the financial statements.
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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2022
1. Accounting policies (continued)
Grants are recognised in full in the statement of financial activities in the year in which they are receivable.
Grants for the purchase of fixed assets are credited to restricted incoming resources when receivable. Depreciation of fixed assets purchased with such grants is charged against the restricted fund. Where a fixed asset is donated to the Trust for its own use, it is treated in a similar way to a restricted grant.
Room and equipment hire is recognised in the financial statements in the period in which these services are provided to local groups.
Government grants
Grants received under the terms of the Government Coronavirus Job Retention Scheme are applied against salaries paid in that month in accordance with FRS 102 Section 24.
Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Resources expended are allocated to a particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned based on staff time attributable to each activity.
Governance costs include the management of the charitable company's assets, organisational management and compliance with constitutional and statutory requirements.
Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2022
1. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Fixed assets and depreciation
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Computers, furniture and other equipment 33% straight line
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Restricted funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with a fair allocation of management and support costs.
Unrestricted funds
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity.
Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities in a straight line basis over the length of the lease. There were no such operating leases in the financial year.
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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2022
1. Accounting policies (continued)
Legal cases outstanding at the year end are disclosed as contingent liabilities until the outcome can be reasonably estimated at which point the costs are provided for.
2. Incoming resources from charitable activities
| Grants Core funding and hall hire income Donations |
Restricted £ 14,994 - - 14,994 |
Unrestricted £ 1,000 221,784 844 223,628 |
2022 Total £ 15,994 221,784 844 238,622 |
2021 Total £ 92,730 183,150 275,880 |
|---|---|---|---|---|
Grants include £14,994 (2021 £58,261) received under the conditions of the Government Job Retention Scheme.
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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2022
3. Total resources expended
| Staff Costs (Note 5) COVID - 19 Costs Health & Safety Equipment, Printing & Stationery Repairs & Maintenance Internal Decoration and Mural IT Support Office Costs Independent examiner and accountancy fees Legal Costs Consultancy and Freelance Costs Insurance Podcast & Website Bank Charges Charitable Support & Sundry Expenses Project Costs & Events Depreciation of Furniture & Fittings & IT Equipment |
Community Centre £ 130,963 435 318 859 3,650 - 15,594 32,176 - - 3,592 2,125 567 233 648 12,653 6,506 210,319 |
Governance £ 3,870 3,870 |
2022 £ 130,963 435 318 859 3,650 - 15,594 32,176 3,870 - 3,592 2,125 567 233 648 12,653 6,506 214,189 |
2021 £ 116,618 2,985 415 322 3,885 13,456 23,197 24,824 4,280 1,148 3,374 2,087 2,698 212 3,404 8,382 8,222 219,509 |
|---|---|---|---|---|
The charity operates one principal charitable activity to run the Community Centre at Community Hall, Aytoun Place, Stockwell, London. All of its resources are expended for this purpose and all governance costs have been allocated above to this charitable activity.
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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2022
4. Net outgoing resources for the year
This is stated after charging / crediting:
| Depreciation Trustees' remuneration Trustees' reimbursed expenses Independent examiner's remuneration: Year to 31 March 2022 Staff costs and numbers Staff costs were as follows: Salaries and wages Pension contributions Social security costs Year to 31 March 2021 Under / (Over) provision |
2022 £ 6,506 - 668 4,000 - (130) 2022 £ 124,714 3,165 3,084 130,963 |
2021 £ 8,222 - - - 4,000 280 2021 £ 110,739 2,969 2,910 116,618 |
|---|---|---|
5. Staff costs and numbers
Kevin Nolan, a Trustee, was reimbursed £668 being out of pocket expenses for equipment incorporated in the Pod Cast Studio.
Total remuneration due to key management personnel during the year was £39,108 (2021 - £39,109)
No Employee earned more than £60,000 during the year.
The average weekly number of employees during the year was as follows:
| Community centre | 2022 9 9 |
2021 7 7 |
|---|---|---|
6. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2022
7. Tangible fixed assets
| Cost At the start of the year Additions At the end of the year Depreciation At the start of the year Charge for the year At the end of the year 8. Debtors Trade debtors 9. Creditors: amounts due within 1 year Trade creditors and accruals Net book value At the end of the year At the start of the year |
Furniture & Equipment £ 42,599 5,792 48,391 33,846 6,506 40,352 8,039 8,753 2022 £ 5,845 5,845 2022 £ 15,379 15,379 |
Total £ 42,599 5,792 48,391 33,846 6,506 40,352 8,039 8,753 2021 £ - - 2021 £ 14,532 14,532 |
|---|---|---|
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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2022
10. Analysis of net assets between funds
| Tangible fixed assets Net current assets Net assets at the end of the year 11. Movements in funds Bernard Sunley Charitable Foundation DESIGNSCAPES H2020 Coronavirus Job Retention Scheme Total restricted funds Restricted funds |
At 31 March 2021 £ 3,333 2,424 - 5,757 |
Restricted funds £ 1,666 - 1,666 Incoming £ - - 14,994 14,994 |
Unrestricted funds £ - 135,060 135,060 Outgoing £ 1,667 2,424 14,994 19,085 |
Total funds £ 1,666 135,060 136,726 At 31 March 2022 £ 1,666 - - 1,666 |
|---|---|---|---|---|
Name of fund
Bernard Sunley Charitable Foundation DESIGNSCAPES H2020 Coronavirus Job Retention Scheme
Kitchen Equipment. Development of Media Hub National scheme to protect jobs at risk due to the coronavirus pandemic and lockdown.
| Unrestricted funds General funds Total unrestricted funds Total funds |
At 31 March 2021 £ 106,536 106,536 112,293 |
Incoming £ 223,628 223,628 238,622 |
Outgoing £ 195,104 195,104 214,189 |
At 31 March 2022 £ 135,060 135,060 136,726 |
|---|---|---|---|---|
12. Related party transaction
During the year the charity received £164,032 in Core Funding from Network Housing Group (NHG), the Charity's landlord. NHG includes Community Trust Housing which entered into an Intra-Trust Agreement in 2010 under the terms of which CTH has undertaken to provide Core Funding to cover operational expenditure such as salaries and services.
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