Charity Reglstration No. 1045229 THE STREET FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE STREET FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ Mrs L M M Sharp-smilh MrRELSmilh Miss S F Smith Mrs S J Sharp-smilh Charity number 1045229 Principal address Kingsland House Kingsland Leominster Herefordshire HR6 9SG Independent èxaminer Katherine Parkin FCA Azels Audit Services Pillar House 113-115 Bath Road Che1tenham Gloucestershire United Kingdom GL53 7LS Bankers Lloyds TSB Bank PIC 49-51 Dean Street Marlow Buckinghamshire United Kingdom SL7 3BP Solicito Harrison Clark Rickerbys LLP clo Haryison Clark Rickerbys Limited Ellenborough House Wellington Street Chellenham GIOUSterSlre United Kingdom GL50 1YD
THE STREET FOUNDATION CONTENTS Page Trustees, report Independent examinerfs report Slalement of financial activities Balance sheet Slalement of sh flows Notes lo the financial slalemenls 7-12
THE STREET FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Iruslees present their report and financial statements for the year en¢Jed 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial ststemenls and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities." Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 Objèctlves and activities The objects of the charity are the furtherance and pursuance of charitsble purposes and in such proportions and in such manner and subject to such lems and conditions as the Trustees may from time lo time in their absolute discretion detemine. In order 10 8chieve the aims and objectives of the charity, the Trustees make grants lo a wide variety of organisalions, both in the area local lo the eharily and further afield, supporting a broad range of activities and research. The trustees have paid due regard to guidanee issued by the Charity Commission in deciding what actNilies the charity should undertake. The trustees are aware of the Public Benefit piovisions of the Charities Aet 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the charity and the activities of the charity are within the definitions of the Charitable Purpose as sel down in the Act. The trustees are not aware of any public detriment caused by the charity's objects or aclivilies, and nor aro they aware of anyono receiving any private benefit from the charity's activities. The objects of the charity include the provision of donations for the relief of poverty, the advancement of education. the advanment of religion and other charitable purposes as the Trustees may from lime lo lime determine and there has been no change in these during the year. Grants are awarded at the diretIOn of the Trustees following due consideration of how the lunds will ultimately be spent in order lo en$ure the furtherance of the the aims and objecb'ves of the charity. Achievements and performan¢• There have been no significant developments or changes to the activities of the charity during the last year. During the year grants made to charities and other not for profil organisalions amounted to £440,88312020'. £173,709) Financial review At the balance sheet dale, "free" serveS, being unrestricted funds other than fixed assets, amounted to £462,57012020. £61,934) Cash reserves al the year end lincluding amounts held on short term dep05111 were £463.704 12020.. £63,044}. The charity aims lo retsin free reserves sufficient lo provide adequate working capital lo fund its charitable aclivilies. vi Covid-19 has had minim81 impact on the charity's operations and aclivilies. Grants continue lo be made lo the extent that income permits.
THE STREET FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2021 es The trustees has assessed the m8jor risks to whith the charity is exposed, and are satisfied that systems are in place lo miligale exposure lo the major risks. for f titrfe It is expected that the charity will receive further donations at a similar level during the comiThJ financial year and will continue lo awards grants lo a var¢ety of institutions and organisations to further its eharilable objectives. Structure* govemance and managem•nt The charity is controlled by its governing document, a deed of trust signed on 20 March 1995. The charty was registered with the Charity Commission on 29 March 1995 and eonslilules an unincorporated charity. The Iruslees who served during the year and up to the date of signature of the financial slalemenls were". Mrs L M M Sharp-smilh MrRELSmilh Miss S F Smith Mrs S J Sharp-smilh of Iruslees The power of appointing new trustees is vested in the Trustees. The charity is governed by Iruslees who are responsible for formulating the strategies & policies of the charity including the exercising of financial controls. On 8ppoinlment Trustees are provided with appropriate training to allow them lo fuffil their duties. The charity is primarily funded through donations from related companies. Refer lo the related paty transactions note for further information. The trustees. report was approved by the Board of Trustees. MrREL Trustee Dated. .22./.Ir).l.lQ.31
THE STREET FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STREET FOUNDATION I report lo the trustees on my examination of the financial statements of The Slreel Foundation lthe charityl for the yèar ended 31 March 2021. Responslbllltie8 and basls of report As the Iruslees of the charity you are responsible for the preparation of the financial slalemenls in accordance with the requirements of the ChaiitsesAcl 2011 Ilhe 2011 Act}. l port in respect of my examination of the charity's financial statements Carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent 9xaminerf$ statement sin the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am member of, which is one of the listsd bodie5. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records We not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial slalemenls do not comply with the applicable requirements concerning the fom and content of accounts sel out in the Charities IAccoLtnls and Reports) Regulations 2008 other than any requirement that the accounts give a IrLJe and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to whrh attention should be drawn in this report in order to enable a proper understsnding of the financial slalements to be reached. Katherine Parkin FCA A2etsAudil servIs Pillar House 113-115 Bath Road Chellenham Gloucestershire GL53 7LS United Kingdom
THE STREET FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted Unrestricted funds funds 2021 2020 nc Donations and legacies 850,000 230,000 Charitsble activities 449,364 175,391 Net Income for the yearl Net movement in funds 400.636 54,609 Fund balances al 1 April 2020 61,934 7,325 Fund balance8 at 31 March 2021 462,570 61,934 The statement of financial activitie5 includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE STREET FOUNDATION BALANCE SHEET ASAf31 MARCH 2021 2021 2020 Notes Current assets Cash at bank and in hand 463,704 63,044 Creditors: amounts falllng dug within ono year 11,1341 11,1101 Net current assets 462,570 61,934 Incomo funds Unrestricted funds - general 462,570 61,934 462,570 61,934 The financial stslements were approved by the Trustees on .12.lia12Qll MrRELS Trustee
THE STREET FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Notes Cash flows from operating a¢tlvltle8 Cash generated from operations 11 400,660 54.789 Net Cash used in investing actlvlt4e8 Net Cash used in financing *ctlvltles Net Increase In ca$h and cash •qulv41ents 400,660 54,789 Cash and cash equivalents at beginning ot year 63,044 8,255 Cash and ¢ash 8quivalents at end of year 463,704 63,044
THE STREET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting pollcle8 Charity infomiatlon The Street Foundation is an unincorporated charty and is registered with the Charity Commission under number 1045229. The address of the principal office can be found on the legal and administrative infomation page. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's governing document. the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which is referred lo in the Regulations bul which has since been withdrawn. The financial slalements are prepared in sterling. which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded lo the nearest £. The financial slalemenls have been prepared vnder the historical cost convention, the principal aOuntIng policies are sel out below. 1.2 Going concern Al the time of approving the financial slalemenls, the Iruslees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Irustees continue to adopt the going concern basis of accounting in preparing the financial slalemenls. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the Iruslees in furtherance of their charitsble objectives. Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the reslricled funds are set out in the notes lo the financial statements where required. 1.4 Incomo Ineome is recognised when the charity is legally entitled lo it after any perforniants condrtions have been mel. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the charty has been noltfied of the donation. unless performance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notrfied of an impending dislribulion, the amount is known. and reeeipl is expected. If the amunl is not known, the legacy is treatsd as a conlingenl asset. The charity receives donated resources from the HR Smith Group of companies in the forrn of provision ol office space bul as the value of these resources cannot be quantified the income and expenditure ha5 not been recognised in the slalement of financial activities.
THE STREET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies Icontinuedl Interest on funds held on deposit is included when recewable & the amount can be measured reliably by the charity", this is normally upon nolificalion of the interest paid or payable by the bank. 1.5 Expenditure Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligation committing the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for cn an accruals basi5 and has been classified under headings that aggregate all related lo the Category. W)ere costs cannot be directly attributed lo particular headings they have been allocated lo activities on a basis consislenl with the use of resource5. IrCoVerable VAT is charged against the category of fesources expanded for which st is incurred. Committed grants are recognised in full in the year in which they are approved with future payments being included as liabilities. Grants offered subject lo conditions which have not been met al the year end dale are noted as a commitment but not accrued as expenditure. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial Instruments Financial instruments are reeognised in the charity's balance sheet when the charity beeomes party lo the conlraclual provisions of the instrument. Financial assets and liabilitie5 are offset, with the net amounts presented in the financial stalanents. when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a nel basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rale of intsresl. Financial assets classified as receivable within one year are not amortised. Derncognition ol finan¢lal as$gts Financial assets are derecognised only when the wnlractual righ15 to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and subslanlially all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained bul control ol the asset has transferred lo another party thal is able to sell the asset in ils entirety to an unrelated third paty.
THE STREET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies {Continuedl Basic financlal Ilabilities Basic financial liabilities, including creditors and bank loans are initially recognised at Iransadion price unless the arrangement conslitules a financing transaction, where the debt instrument is meaSud al the present value of the future payments discounted at a market rale of intere51. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditor8 are obligations lo pay for goods or seryices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are Classified as current liabilities if payment is due within one year or Sess. If not, they are presented as non-curTent liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabilities a derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.8 Taxation The charity is exempt from corporation lax on income and gains falling within section 505 of the Taxes Act 1988 or seclion 256 of the Taxation of chargeable Gains Act 1992 to the extent that these applied to the charitsble objects. 1.9 Provisions Provisions are regniSed when the charity has a legal or constructive present obligation as a result of past event, il is probable that the charity will be required lo settle that obligats'on and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation al the reporting end dale, tsking into account the risks and uncertainlie$ surrounding the obligation. ere the effect of the time value of money is material. tho amount expected lo be required to settle the obligation is recognised at present value. When a provision is measured al present value. the unwinding of the discount is recognised as a finance cost in nel incomellexpendilurel in the pefiod In which It arises. Donations and legacies Unrestrictgd Unrestricted funds funds goneral general 2021 2020 Donations and gifts 850,000 230.000
THE STREET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Ch•ritabl• actlvltles Fundlng of Fundlng ol activities 4ctiviti•s 2021 2020 Grant funding of aclivilies Isee note 41 440,883 173,709 Share of support costs {see note 51 Share of governance wsts (see note 51 7,227 1,254 392 1.290 449.364 175.391 Grants payable 2021 2020 Grants to inslilutions.. Disabilty Poverty Education Community Human rights 1,000 42,500 329,133 18,250 50,000 12.500 5,000 101,518 14,691 40,000 440,883 173,709 2021 2020 Detail of grants lo instilulions.. The Centre for Social Justice The Global Warming Policy Foundation Oxford University Museum of Natural History Civitas The Natural History Museum Faith Truth and Hope The New Culture Forum The Politics and Economics Research Trust Hope Scoll Hostel Humanitarian Aid Relief Trust The Inslilule of Economic Affairs The Maggie 011ver Foundation Liverpool Charity and Voluntary servIs The Foundation for the History of Totalitarianism other 30,000 40,000 12,000 57,812 17,800 6,806 60,700 72,473 47,200 10,000 25,000 50.000 15,000 15,000 40,000 20,000 10,000 10,000 33,510 39,291 10-
THE STREET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Grants payable Icontlnuedl 438,883 134,418 Support costs Support Governance costs costs 2021 Support Governan costs costs 2020 Bank charges Rates 367 6,860 367 6,860 392 392 Independent examiners fèe 1,254 1,254 1,290 1.290 7,227 1,254 8.481 392 1.290 1,682 Analysed between Charslable activities 7,227 1,254 8.481 392 1,290 1,682 Governance costs include amounts payable to the independent examiner of £582 12020.. £5701 for Independent Examination and £672 12020.. £7201 payable to the Independent Examiner for olhei acuntancY services provided. Trustees None of the trustees lor any persons connected with them) received any remuneration, benefits or reimbursed expenses from the charity during the year. Employees The average monthly number of employees during the year was.. 2021 Number 2020 Number Totsl CreditOTS- amounts falling due within one year 2021 2020 Accruals and deferred income 1.134 1,110
THE STREET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 9 General unro$tricted funds These are unrestricted funds which are material to the charity's activil*s made up as follows-. Movement in funds Movement in funds 8alance at Incomlng Resources Balance at Incomin# Resources l April 2019 r•sour¢¥$ expended 1 April 2020 resour¢ expended Balance at 31 March 2021 Unreslricled funds 7,325 230.000 1175,3911 61,934 850,000 {449,3641 462.570 10 Rolatod party transactions Transactions with related parties During the year the charity entered into the following transactions wrth related parties,, Donations received 2021 2020 H R Smith Group Limrted 750.000 100,000 750.000 100,000 Mr Richard Smith and Miss Susan Smith are Trustees of the charity and also directors and shareholders of H R Smith Group Limited. The charity received donations wilhoul conditions as detailed above. 11 Cash generated from opgration8 2021 2020 Surplus for the year 400,636 54,609 Movements in working capitsl.. Increase in creditors 24 180 Cash g8nerated from operations 400,660 54,789 12 Analysis of change8 In net fund$ The charity had no debt durin9 the year. 12-
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