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2023-03-31-accounts

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 2023

BREBNERS

Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Stockwell Park Community Trust Ltd For the year ended 31 March 2023 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 31st March 2023 was 8 (2022 - 9). The
trustees are members of the charity but this entitles them only to voting
rights.
Reference and administrative details
Company Number 2890316
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 Timothy Goodwin Jonathan Barden MBE Charles Orolunda Ina Hughes Bernice Shand Patrick Flynn (appointed 29 March 2023) Steven Cummings Karina O'Doherty (resigned 29 March 2023) Kevin Nolan (resigned 29 March 2023)

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 2023 Structure, governance and management

Secretary and Julie Fawcett MBE Registered Office 21 Aytoun Place Stockwell London SW9 0TE Independent examiner Darren Bond Brebners 130 Shaftesbury Avenue London W1D 5AR

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Stockwell Park Community Trust Ltd For the year ended 31 March 2023 Report of the trustees

The trustees present their report and the financial statements for the year ended 31 March 2023. 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 in October 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland FRS 102 (effective January 2022).

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 aim of the charity is the relief of poverty, the furtherance of education and the pursuit of racial harmony.

The Trust runs a Community Centre that delivered a Foodbank service to fifty local families (in partnership with City Harvest) and offered (in partnership with Lambeth Council) assistance with light bulbs and insulation.

Other activities include:-

The Centre was used for filming by small independent film companies.

Policy on social investment including program related investment

We do not currently have a social investment program but we do use our petty cash to support those who are unable to pay energy bills, are unable to pay to travel to interviews etc. occasionally we assist We also recycle clothing and other household items by offering them at nil cost to those who visit the Centre. We rarely charge for any of our services and our main client group tend to be social housing tenants.

Contribution made by volunteers

We have a number of volunteers who assist with gardening, sewing projects cleaning and tidying. Others help us with the Podcast studio by assisting with recording and on Open Days others will play live music or assist

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Stockwell Park Community Trust Ltd For the year ended 31 March 2023 Report of the trustees

Other

Patrick Flynn was appointed as a new Trustee on 20th April 2022. He is the lead on compliance. Kevin Nolan resigned on 29th March 2023

Financial review

Income for the year increased by £53,822 to £292,444. This was principally driven by a significant increase in Room Hire income due to the relaxation of COVID-19 restrictions which prevailed in the previous year. The core funding grant from Network Homes increased by £7,970 to £172,002. There was a significant increase in outgoing expenditure of £99,990 and the overall result for the year was a deficit of unrestricted reserves of £20,069.

Reserves policy

The Company currently has unrestricted general reserves of £114,991. 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 8 trustees, all of 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 Timothy Goodwin Jonathan Barden MBE Charles Orolunda Ina Hughes Bernice Shand Patrick Flynn (appointed 29 March 2023) Steven Cummings Karina O'Doherty (resigned 29 March 2023) Kevin Nolan (resigned 29 March 2023)

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 2023 was 8 (2022 - 9). The trustees are members of the charity but this entitles them only to voting rights.

Independent examiners

Brebners were appointed as the charitable company's independent examiners and have expressed their willingness to continue in that capacity.

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Independent examiner's report to the Trustees of Stockwell Park Community Trust Limited

I report to the charity trustees on my examination of the financial statements of the Company for the year ended 31 March 2023, which are set out on pages 7 to 16

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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the financial statements 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 financial statements 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

Since the company’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 the Institute of Chartered Accountants of England and Wales, which is one of the listed bodies.

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:

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 financial statements to be reached.

Darren Bond for Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

21st December 2023

…………………………………………

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Stockwell Park Community Trust Ltd Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 March 2023

----- Start of picture text -----
2023 2022
Restricted Unrestricted Total Total
Note £ £ £ £
Incoming resources
Incoming resources from charitable activities: 11
-
292,444 292,444 238,622
-
Total incoming resources 292,444 292,444 238,622
Resources expended
Charitable activities 3 1,666 312,513 314,179 214,189
Total resources expended 1,666 312,513 314,179 214,189
Net incoming / (expended) resources for the 4 (1,666) (20,069) (21,735) 24,433
Reconciliation of funds -
Funds at the start of the year 1,666 135,060 136,726 112,293
-
Funds at the end of the year 114,991 114,991 136,726
----- End of picture text -----

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 Community Trust Ltd Notes to the financial statements For the year ended 31 March 2023

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 2890316 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 £114,991 and net current assets of £106,440 at 31 March 2023. 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 enquiries, 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 2023.

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.

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.

Grants are recognised in full in the statement of financial activities in the year in which they are receivable.

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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2023

1. Accounting policies (continued)

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.

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.

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.

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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2023

1. Accounting policies (continued)

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 & other equipment 33% straight line

Items of equipment are capitalised where the purchase price exceeds £800. 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.

Operating leases

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.

Contingent liabilities

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 & hall hire income
Donations		 Restricted
£
-
-		 Unrestricted
£
12,500
279,944
-
292,444		 2023
Total
£
12,500
279,944
-
292,444		 2022
Total
£
15,994
221,784
844
238,622

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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2023

3. Total resources expended

Staff Costs (Note 5)
COVID - 19 Costs
Health & Safety
Equipment, Printing & Stationery
Repairs & Maintenance
IT Support
Office Costs
Independent examiner and accountancy fees
Consultancy and Freelance Costs
Insurance
Podcast & Website
Bank Charges
Charitable Support & Sundry Expenses
Project Costs & Events
Depreciation of Furniture & Fittings & IT Equipment
Bad debts written off		 Community
Centre
£
174,703
-
-
708
11,292
26,019
40,832
4,346
4,508
-
296
5,673
29,394
9,418
1,850
309,039		 Governance
£
5,140
5,140		 2023
£
174,703
-
-
708
11,292
26,019
40,832
5,140
4,346
4,508
-
296
5,673
29,394
9,418
1,850
314,179		 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

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 2023

4. Net outgoing resources for the year

This is stated after charging / crediting:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£| |Depreciation|9,418|6,506| |Trustees' remuneration|-|-| |Trustees' reimbursed expenses|835|668| |Independent examiner's remuneration:| |Year to 31 March 2023|5,000|4,000| |Year to 31 March 2022|140|(130)|

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

5. Staff costs and numbers

Staff costs were as follows:

----- Start of picture text -----
||| |---|---| |Salaries and wages|165,505| |Pension contributions|4,090| |Social security costs|5,108| |174,703|

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

Kevin Nolan, a Trustee, was reimbursed £835 being out of pocket expenses in connection with an Event held at the Community Centre.

Total remuneration due to key management personnel during the year was £41,053 (2022 - £39,108)

No Employee earned more than £62,000 during the year.

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

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |Community centre|13|9| |13|9|

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

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 2023

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
Prepayments
9.
Creditors: amounts due within 1 year
Trade creditors and accruals
At the start of the year
Net book value
At the end of the year		 Furniture &
Equipment
£
48,391
9,930
58,321
40,352
9,418
49,770
8,551
8,039
2023
£
6,970
497
7,467
2023
£
31,359
31,359		 Total
£
48,391
9,930
58,321
40,352
9,418
49,770
8,551
8,039
2022
£
5,845
-
5,845
2022
£
15,379
15,379

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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2023

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
Total restricted funds
Name of fund
Bernard Sunley Charitable Foundation
Unrestricted funds
General funds
Total unrestricted funds
Total funds
Restricted funds		 Restricted
funds
£
-
-
-
At 31 March
2022
Incoming
£
£
1,666
-
1,666
-
Kitchen Equipment.
At 31 March
2022
Incoming
£
£
135,060
292,444
135,060
292,444
136,726
292,444		 Unrestricted
funds
£
8,551
106,440
114,991
Outgoing
£
1,666
1,666
Outgoing
£
312,513
312,513
314,179		 Total funds
£
8,551
106,440
114,991
At 31 March
2023
£
-
-
At 31 March
2023
£
114,991
114,991
114,991

12. Related party transaction

During the year the charity received £172,002 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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