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 2024
BREBNERS
Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR
Stockwell Park Community Trust Ltd For the year ended 31 March 2024 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 2024 was | |
| 8 (2023 - 8). 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 Olorunda |
| Ina Hughes | Bernice Shand |
| Patrick Flynn | Steven Cummings |
| 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 2024 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 2024 Report of the trustees
The trustees present their report and the financial statements for the year ended 31 March 2024. 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 Trust continues to grow its services to local people through partnerships with others who share our ethos and mission statement.
“The Relief of poverty, the furtherance of education and the pursuit of racial harmony through love, tolerance and forgiveness”
Our major projects in 2023/2024 included “Furniture Hacks for the Plaza” which is a continuing partnership with UAL and its students who worked with the Trust to create seating for the area outside of the Centre.This was included in Xiaochen Wang’s master’s thesis on “Governing the Large Metropolis” it also included interviews with staff members.
We offered entertainment through engaging the “Sharma Drumming Group”, Concerts with the “Brixton Chamber Orchestra”, a very well attended Karaoke evening, The Open Bar Theatre who performed “A Christmas Carol “and the Lottery-funded “Open Mic Night”. A large audience watched the film Alberto Tripp Graff – about Carlos Fresneda who lost his life along with his friends whilst graffitiing in Brixton. His father arranged the showing with the Trust and there was a huge outpouring of emotion from the artists who regularly use the Hall of Fame. We have identified a Lambeth Grant – Re Purpose to support cultural activities in the area. The grant is suitable for the creation of a Cinema Room in the Centre in partnership with Black Film Archives – who we are meeting on 05/07/2024. The maximum grant is £25,000.
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Stockwell Park Community Trust Ltd For the year ended 31 March 2024 Report of the trustees
We offer sewing, knitting and crochet sessions once a week. These groups are developing local artists to offer support to residents in the new Art Centre.
We engaged with the Head Teacher at Stockwell Primary School to discuss those children whose parents were unable to support them through their primary schooling. Lack of English and lack of reading was highlighted through the SAT results with the children whose parents did not speak English at home being those the school were most eager for us to work with. The Trust submitted a bid to the Walcot Foundation to be able to offer supported homework and extension sessions, after school and at the weekends, for those youngsters identified at risk of “slipping through the net”. This project, successful will be rolled out over the five primary schools in the area and engage local children, volunteers and paid tutors. The space and resources will be made available for secondary school children.
Over the Summer holidays three young Stockwell Park Residents were employed to support other young people and accompany them on trips to the seaside and to take part in activities led by the artist/teacher Maria Linares – who taught maths using geometric art and demonstrating simple but dramatic science activities in the playground. Our teenagers were taken to various plays and events across London.
Our work to support local students included staff offering support to a number of students wanting to understand the effects of regeneration on a community – including those from SW9 Housing and our own teenagers who were offered space for revision before their GCSE’s.
To support our residents with their learning we partnered with Capital College to deliver Maths Level One and Two and four residents worked with Arcola researchers based in Lisbon who were working on a project on Digital Literacy and Misinformation Online there was a link to Portugal that many of our resident's call “home”.
To support residents coming out of the trauma of covid and to deal with some of the health issues Lambeth Council funded sound therapy, yoga and Bootkamp sessions for 10 weeks and invested in new equipment so that the groups were able to grow.
To ensure that our residents had the best advice, the Trust employed Ferisa Symister as an advice and guidance worker to ensure that benefits were maximised and debts were dealt with promptly.
The Clapham Park Project brought their residents to the Centre to talk about the Trust’s experience of managing a Community Centre. Each area is different and every Centre will develop to embrace the communities it works with. Our mantra is …an Open Door! The clients will inform staff what they want to see happening.
Our commitment to inclusivity is supported by the work that we do with Certitude clients twice a week, organising art activities and trips to Kew Gardens to view the Orchid Festival and to the group All for Autism.
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Stockwell Park Community Trust Ltd For the year ended 31 March 2024 Report of the trustees
Our Foodbank continues to run once a week, with increasing demand (approx. 45 local residents per week). The Felix Project donated a freezer as they could see just how badly it was needed. A free vegan lunch is offered to all every weekday. Our cook Mishek is amazing and over 200 meals a week are served.
Thriving Stockwell started work in the area. The Trust has been identified as one of the spaces that they would like to use. The Project will be called The Living Room and will include Health and Well Being activities that are mainly directed at the “Latino Communities”.
We continue to work with the Home Office “We are Digital”. In 2023 they completed the local Windrush Compensation Applications. Many local people attended the sessions. We also assisted the last of those applying for compensation under the Shirley Oaks Scheme.
Grants
National Lottery – Food at the Trust grant offer was successful. On 16/02/2023 £24,947 was paid into the Trust account. On 16/02/2023 £50,042 was paid into the Trust account Total grant £74,990.00
This funding was to support the Trust to provide a “Warm Space” for our most vulnerable clients. This was retrospective funding that needed to be spent by 31/03/2024.
Lambeth Council - Health and Well Being grant was successful. On 27/04/2023 £10,000 was paid into the Trust account.
Financial review
Income for the year increasd by £113,743 to £406,187. There was a significant increase in Grants, as detailed in Note 11 and a £10,015 increase in Room Hire Income. The Core Funding Grant from Sovereign Housing Association increased by £21,737 to £193,739 whilst there was a modest increase in Expenditure of £9,993 adding up to a Surplus in the year of £82,015.
Reserves policy
The Company currently has general reserves of £197,006, comfortably above the target of the equivalent of three months' expenditure.
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Stockwell Park Community Trust Ltd For the year ended 31 March 2024 Report of the trustees
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, 5 of whom are elected by the members and 3 co-opted. 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 Patrick Flynn Jonathan Barden MBE Charles Olorunda Ina Hughes Bernice Shand Timothy Goodwin Steven Cummings
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 31st March 2024 was 8 (2023 - 8). 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.
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 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 2024, which are set out on pages 8 to 15.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
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the financial statements 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
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the financial statements 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 financial statements to be reached.
Darren Bond for Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR
…………………………………………
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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 2024
----- Start of picture text -----
2024 2023
Restricted Unrestricted Total Total
Note £ £ £ £
Incoming resources
Incoming resources from charitable 2
activities 74,990 331,197 406,187 292,444
Total incoming resources 74,990 331,197 406,187 292,444
Resources expended
Governance 3,820 3,820
Charitable activities 3 74,990 245,362 320,352 314,179
Total resources expended 74,990 249,182 324,172 314,179
Net incoming resources for the 4 - 82,015 82,015 (21,735)
Reconciliation of funds
-
Funds at the start of the year 114,991 114,991 136,726
-
Funds at the end of the year 197,006 197,006 114,991
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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 Community Trust Ltd Balance sheet As at 31 March 2024
----- Start of picture text -----
2024 2023
£ £ £
Fixed assets
Tangible fixed assets 7
Computers, Furniture & Fittings 3,311 8,551
Current assets
Debtors 8 6,380 7,467
Cash at bank and in hand 197,108 130,332
203,488 137,799
Creditors: amounts due within 1 year 9 9,793 31,359
Net current assets 193,695 106,440
Net assets 10 197,006 114,991
Funds 11
Restricted funds - -
Unrestricted funds 197,006 114,991
General funds 197,006 114,991
Total funds 197,006 114,991
----- End of picture text -----
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustee responsibilities:
-
The trustees have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records 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 within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard' applicable in the UK and Republic of Ireland.
Approved by the trustees on ……………………….. and signed on their behalf by
Martin Thomas - Trustee
Company Number: 2890316 Charity Number: 1042581
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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2024
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 £197,006 and net current assets of £193,695 at 31 March 2024. 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 2024.
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 2024
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 2024
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.
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.
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 |
Restricted £ 74,990 - 74,990 |
Unrestricted £ 19,500 311,697 331,197 |
2024 Total £ 94,490 311,697 406,187 |
2023 Total £ 12,500 279,944 292,444 |
|---|---|---|---|---|
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Stockwell Park Community Trust Ltd Notes to the financial statements For the year ended 31 March 2024
3. Total resources expended
| Staff Costs (Note 5) Health & Safety Equipment, Printing & Stationery Repairs & Maintenance IT Support Office Costs Independent examiner and accountancy fees Consultancy and Freelance Costs Insurance Bank Charges Charitable Support & Sundry Expenses Project Costs & Events Depreciation of Furniture & Fittings & IT Equipment Bad debt written off |
Community Centre £ 203,511 1,581 1,994 11,222 21,612 39,100 9,531 2,427 420 11,240 12,473 5,241 - 320,352 |
Governance £ 3,820 3,820 |
2024 £ 203,511 1,581 1,994 11,222 21,612 39,100 3,820 9,531 2,427 420 11,240 12,473 5,241 - 324,172 |
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 |
|---|---|---|---|---|
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 2024
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 2024 Staff costs and numbers Staff costs were as follows: Salaries and wages Pension contributions Social security costs Year to 31 March 2023 |
2024 5,241 - - 4,500 (180) 188,746 5,758 7,657 202,161 |
2023 £ 9,418 - 835 5,000 140 165,505 4,090 5,108 174,703 |
|---|---|---|
5. Staff costs and numbers
Total remuneration due to key management personnel during the year was £45,234 (2023 £41,053)
No Employee earned more than £62,000 during the year.
The average weekly number of employees during the year was as follows:
| Community centre | 2024 13 13 |
2023 9 9 |
|---|---|---|
6. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable
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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2024
7. Tangible fixed assets
| Cost At the start of the year 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 £ 58,322 58,322 49,770 5,241 55,011 3,311 8,552 2024 £ 6,380 6,380 2024 £ 9,793 9,793 |
Total £ 58,322 58,322 49,770 5,241 55,011 3,311 8,552 2023 £ 7,467 7,467 2023 £ 31,359 31,359 |
|---|---|---|
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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2024
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 The National Lottery Trust Fund Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds Name of fund Restricted funds |
Restricted funds Unrestricted funds £ £ - 3,311 - 193,695 - 197,006 At 31 March 2023 Incoming Outgoing £ £ £ - 74,990 74,990 - 74,990 74,990 At 31 March 2023 Incoming Outgoing £ £ £ 114,991 331,197 249,182 114,991 331,197 249,182 114,991 406,187 324,172 Description, nature and purpose of fund |
Total funds £ 3,311 193,695 197,006 At 31 March 2024 £ - - At 31 March 2024 £ 197,006 197,006 197,006 |
|---|---|---|
The National Lottery Trust Fund
Funding to help those who are significantly disadvantaged and who are unable to deal with the Cost of Living Crisis.
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Stockwell Park Community Trust Ltd Notes to the financial statements for the year ended 31 March 2024
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At 31 March At 31 March
2022 Incoming Outgoing 2023
Restricted funds £ £ £ £
- -
Bernard Sunley Charitable Foundation 1,666 1,666
Total restricted funds 1,666 - 1,666 -
Name of fund
Bernard Sunley Charitable Foundation Kitchen Equipment.
At 31 March At 31 March
Unrestricted funds 2022 Incoming Outgoing 2023
£ £ £ £
General funds 135,060 292,444 312,513 114,991
Total unrestricted funds 135,060 292,444 312,513 114,991
Total funds 136,726 292,444 314,179 114,991
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12. Related party transaction
During the year the charity received £193,739 in Core Funding from Sovereign Network Group (SNG), the Charity's landlord. SNG 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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