Skipton Building Society Charitable Foundation
Trustees’ Report and Unaudited Financial Statements For the year ended 28 February 2021
Charity registration number: 1079538 Company registration number: 03937073
| Contents | Page |
|---|---|
| Trustees’ Report | 2 |
| Statement of Trustees’ Responsibilities | 5 |
| Independent Examiner’s Report to the Trustees | 6 |
| Statement of Financial Activities | |
| (incorporating statutory income and expenditure account) | 7 |
| Balance Sheet | 8 |
| Notes forming part of the Financial Statements | 9 |
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Trustees’ Report
The Trustees, who are also Directors of the charitable company for the purposes of company law, submit their report and financial statements for the year ended 28 February 2021.
Reference and administrative details
Charity name: Skipton Building Society Charitable Foundation Charity registration number: 1079538 Company registration number: 03937073
Registered office and operational address: The Bailey, Skipton, BD23 1DN
Trustees
The Trustees and Directors of the charitable company during the year were as follows:
Alison G Davies John W Dawson Debra J Ewing The Rt Revd and Rt Hon Lord Hope of Thornes Kitty North Richard H Robinson Amelia J Vyvyan
Company Secretary
John J Gibson
Chairman
Richard H Robinson
Bankers
Skipton Building Society, The Bailey, Skipton, BD23 1DN
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Trustees’ Report (continued)
Structure, governance and management
Governing document
The charity, a public benefit entity, is a company limited by guarantee, incorporated on 25 February 2000 and registered as a charity on the same date.
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 and recruitment of Trustees
The charity has a maximum of eight Trustees, the majority of whom must not be employed by Skipton Building Society (“the Society”). The Trustees who served during the year (who are also members of the company) are listed on page 2. Ms Davies and Ms Ewing were employed by the Society throughout the period. The power to remove Trustees lies with the Trustees or the Society. Trustees are generally appointed by way of invitation and upon appointment the Trustees are trained in the application and donation process, and are subsequently kept up to date with changes in legislation and requirements.
Organisation
The Trustees administer the charity and plan to meet quarterly to consider requests for funding, although day to day responsibility for routine administration rests with Ms Davies.
Risk review
The Trustees regularly review the major strategic business and operational risks to which the charity is exposed and have established systems and controls to manage the impact of those risks.
Objectives and activities
The principal objective of the charity is to hold the income it receives in trust and apply such income for charitable purposes by making donations or other assistance for charitable, public or community purposes in such a manner that the Trustees, in their absolute discretion, see fit.
The charity makes donations to registered charitable organisations based in the UK. Donations are awarded to those charities whose objectives are to benefit children through their education and welfare, to support youth schemes and projects in socially deprived areas and the elderly. The Trustees wish to support as many good causes as possible and therefore the maximum single donation will not exceed £3,000.
In shaping the charity’s objectives and activities for the year ahead, the Trustees have considered the Charity Commission’s guidance on public benefit to ensure that the charity’s planned activities will contribute to the aims and objectives they have set.
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Trustees’ Report (continued)
Financial performance review and plans for future periods
The financial statements comply with the Companies Act 2006, the Statement of Recommended Practice (‘SORP’) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the conditions in the company’s Memorandum and Articles of Association.
The financial results of the charity are shown in the Statement of Financial Activities on page 7.
During the year, the Society donated £155,000 (2020: £155,000) to the charity. Other incoming resources, primarily bank deposit interest, were £122 (2020: £628). The charity incurred no administrative expenses during the year (2020: £nil) as all incidental expenses of operating the charity are borne by the Society.
The charity made charitable donations of £156,833 during the year (2020: £160,326) resulting in net expenditure for the year of £1,711 (2020: net expenditure of £4,698). The net expenditure for the year is deducted from the accumulated funds of the charity, which stood at £83,248 at 28 February 2021 (29 February 2020: £84,971) and are available for future expenditure.
Organisations which have benefited from the charity’s donations during the year include those involved in the following areas: provision of specialist equipment to a range of charities; and provision of educational and welfare activities for children, the elderly and young adults.
Plans for future periods
The charity intends to continue to support groups which operate in the above areas in the future and others which fall within its donations policy. The Trustees have also considered the impact of the COVID-19 pandemic on the charity’s operations, which may increase or decrease the number of donation requests received in future years. The Foundation has significant funds available for future expenditure, whilst the Society has approved and paid the annual donation for the 2021/22 financial year of £200,000. The Trustees therefore consider that the charity has adequate financial resources to continue to fulfil its purpose.
Reserves policy
It is the Charity’s intention to distribute all funds, subject to sufficient and suitable requests being received. It is not the Trustees’ intention, in the long term, to create and hold undistributed reserves. The Trustees hold funds awaiting distribution on short term deposit. However, the Trustees intend to reduce the undistributed reserves to around £10,000 over the next 12 to 18 months.
Basis of preparation
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ regime, which includes an exemption from preparing a Strategic Report.
Approved by the Trustees on 3 June 2021 and signed on their behalf by:
___ ____ A G Davies D J Ewing
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Statement of Trustees’ Responsibilities
The Trustees (who are also Directors for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable, relevant and reliable;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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assess the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent Examiner's Report to the Trustees on the unaudited accounts of Skipton Building Society Charitable Foundation
I report to the Trustees on the accounts of the Skipton Building Society Charitable Foundation for the year ended 28 February 2021, which are set out on pages 7 to 12.
Respective responsibilities of the Trustees and Independent Examiner
The Trustees (who are also the Directors of the Company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. The Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (‘the 2011 Act’) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit in accordance with Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006, 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, and with the methods and principles of the Statement of Recommended Practice on Accounting by Charities have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name: D J Mitchell ACA Address: The Bailey Skipton BD23 1DN
Date: 3 June 2021
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Company number: 03937073
Statement of Financial Activities (incorporating statutory income and expenditure account) For the year ended 28 February 2021
| Notes Income and expenditure Income 1 Income from donations: Skipton Building Society Investment income - bank interest Total income Expenditure Expenditure on charitable activities 2 Total expenditure Net expenditure for the year Reconciliation of funds: Total funds brought forward at 1 March Total funds carried forward at 28 February |
2021 £ £ 155,000 110 155,110 (156,833) (156,833) (1,723) 84,971 83,248 |
2020 £ £ 155,000 628 155,628 (160,326) (160,326) (4,698) 89,669 84,971 |
2020 £ £ 155,000 628 155,628 (160,326) (160,326) (4,698) 89,669 84,971 |
|---|---|---|---|
| (4,698) 89,669 |
|||
| 84,971 |
The notes on pages 9 to 12 form part of these financial statements.
All funds are unrestricted.
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Company number: 03937073
Balance Sheet As at 28 February 2021
| Current assets Cash at bank and in hand Accrued income – bank interest Net assets Unrestricted funds Total funds |
2021 £ £ 83,205 43 83,248 83,248 83,248 83,248 |
2020 £ £ 84,511 460 84,971 84,971 84,971 84,971 |
2020 £ £ 84,511 460 84,971 84,971 84,971 84,971 |
|---|---|---|---|
| 84,971 84,971 |
|||
| 84,971 |
The notes on pages 9 to 12 form part of these financial statements.
The Trustees, who are also Directors for the purposes of company law, are satisfied that the charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 and that the members have not required the charitable company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibilities for:
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a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006; and
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b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year, and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and the Financial Reporting Standard FRS 102.
These financial statements were approved by the Trustees on 3 June 2021 and signed on its behalf by:
___ ____
A G Davies D J Ewing
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Notes forming part of the Financial Statements
1. Accounting policies
Basis of accounting
These financial statements have been prepared in accordance with the Financial Reporting Standard FRS 102 (effective from 1 January 2015), the Companies Act 2006, and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practices applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trustees have considered the impact of the COVID-19 pandemic on the charity’s operations and have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties surrounding the charity’s ability to do so. Furthermore, the annual donation from the Society has been approved and received for the financial year 2021/22 at £200,000 which provides the Foundation with sufficient resources to be able to carry out its normal activities for at least the next 12 months. Thus they have adopted the going concern basis of accounting in preparing the annual financial statements.
These financial statements have been prepared under the historical cost convention.
The trustees do not consider that there are any critical estimates or judgements requiring disclosure beyond the accounting policies listed below.
Income
All donations are accounted for as gross income on a receipts basis as this represents the point at which the charity becomes unconditionally entitled to the donation. Investment income, comprising interest receivable, is accounted for on an accruals basis.
Charitable expenditure
Charitable expenditure represents donations to registered charities approved by the Board of Trustees and is accounted for when the Trustees convey their intention to pay a donation to a recipient.
Financial instruments
Financial instruments of the charity are the cash on deposit and the associated accrued interest, and qualify as basic financial instruments measured at amortised cost.
Funds
Unrestricted funds are income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Cash flow statement
The charity has taken advantage of the exemption within FRS 102 from the requirement to produce a cash flow statement on the grounds that it is a small entity.
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2. Charitable expenditure – institutional grants
The table below details recipients of funding approved in the year:
| Date | Organisation | Location | Amount |
|---|---|---|---|
| (£) | |||
| 05/03/2020 | Home-Start Clackmannanshire | Alloa, Clackmannanshire | 500 |
| 05/03/2020 | Friends of Wyvern | Weymouth, Dorset | 878 |
| 05/03/2020 | Vision25 | Stockton-on-Tees, County Durham | 1,500 |
| 05/03/2020 | The Federation of Jewish Services | Manchester, Greater Manchester | 2,340 |
| 05/03/2020 | Seeability (The Royal School for the Blind) |
Epsom, Surrey | 938 |
| 05/03/2020 | Abingdon Riding for Disabled | Abingdon, Oxfordshire | 2,895 |
| 05/03/2020 | North London Hospice | London, Greater London | 2,650 |
| 05/03/2020 | Himmat | Halifax, West Yorkshire | 1,400 |
| 05/03/2020 | Handicapped Children’s Action Group | Grimsby, Lincolnshire | 1,277 |
| 05/03/2020 | All Saints Landmark Centre | Bradford, West Yorkshire | 1,810 |
| 05/03/2020 | Sonshine Club | London, Greater London | 1,750 |
| 05/03/2020 | Scampdoodles | Barking, Essex | 2,139 |
| 05/03/2020 | Abbeyfield Reading Society | Reading, Berkshire | 600 |
| 05/03/2020 | Barnsley Sea Cadets | Barnsley, South Yorkshire | 1,430 |
| 05/03/2020 | A New Direction | Hackney, Greater London | 2,810 |
| 05/03/2020 | Teen Action | London, Greater London | 1,905 |
| 05/03/2020 | Harmeny Education Trust | Balerno, Midlothian | 1,838 |
| 05/03/2020 | Grimsby & Cleethorpes Sea Cadets | Grimsby, Lincolnshire | 1,400 |
| 05/03/2020 | Bellshill and Mossend YMCA | Bellshill, North Lanarkshire | 1,496 |
| 04/06/2020 | Lewis-Manning Hospice | Poole, Dorset | 2,930 |
| 04/06/2020 | The Forest School | Knaresborough, North Yorkshire | 2,702 |
| 04/06/2020 | Keech Hospice Care | Luton, Bedfordshire | 2,500 |
| 04/06/2020 | St. Mary’s Hospice | Ulverston, Cumbria | 2,900 |
| 04/06/2020 | Fresh Start | Edinburgh, Midlothian | 500 |
| 04/06/2020 | West Somerset Railway Association | Taunton, Somerset | 427 |
| 04/06/2020 | 2nd Amersham on the Hill Scout Group | Amersham, Buckinghamshire | 2,459 |
| 04/06/2020 | Harewood House Trust | Harewood, West Yorkshire | 588 |
| 04/06/2020 | Denis Law Legacy Trust | Aberdeen, Aberdeenshire | 1,855 |
| 04/06/2020 | Children’s Respite Trust | Uckfield, East Sussex | 335 |
| 04/06/2020 | Russell Anderson Foundation | Aberdeen, Aberdeenshire | 1,200 |
| 04/06/2020 | Food For All UK | London, Greater London | 1,000 |
| 04/06/2020 | Cherry Trees | Guildford, Surrey | 3,000 |
| 04/06/2020 | North Tyneside Disability Forum | Shiremoor, Tyne and Wear | 700 |
| 04/06/2020 | Clapton Common Boys Club | Clapton, London | 2,925 |
| 04/06/2020 | Northumberland Community Enterprise | Morpeth, Northumberland | 2,342 |
| 04/06/2020 | Callander Youth Project Trust | Callander, Stirlingshire | 1,810 |
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2. Charitable expenditure – institutional grants (continued)
| 04/06/2020 | Calvert Trust Kielder | Hexham, Northumberland | 2,135 |
|---|---|---|---|
| 04/06/2020 | Active Fusion | Doncaster, South Yorkshire | 2,990 |
| 04/06/2020 | Diverse Abilities | Poole, Dorset | 2,345 |
| 04/06/2020 | The Foundation for Conductive Education | Moseley, Birmingham | 478 |
| 04/06/2020 | Options For Life | Oldbury, West Midlands | 1,983 |
| 10/09/2020 | Hourglass | Sudbury, Suffolk | 1,500 |
| 10/09/2020 | Leuchie House | North Berwick, East Lothian | 1,620 |
| 10/09/2020 | Incredible Kids | Kingswood, Bristol | 1,403 |
| 10/09/2020 | Poole Sea Cadets | Poole, Dorset | 2,800 |
| 10/09/2020 | Prince & Princess of Wales Hospice | Bellahouston, City of Glasgow | 1,500 |
| 10/09/2020 | Friends of Collett | Hemel Hempstead, Hertfordshire | 3,000 |
| 10/09/2020 | Bristol Association for Neighbourhood Daycare |
St. Werburgh's, Bristol | 683 |
| 10/09/2020 | Plus | Stirling, Stirlingshire | 2,380 |
| 10/09/2020 | Birmingham St Mary’s Hospice | Birmingham, West Midlands | 3,000 |
| 10/09/2020 | Yellow Submarine Holidays | Oxford, Oxfordshire | 2,991 |
| 10/09/2020 | Durham County Scout Council | Durham, County Durham | 2,135 |
| 10/09/2020 | RCCG King of Glory | Edinburgh, Midlothian | 2,900 |
| 10/09/2020 | Garvald Edinburgh | Edinburgh, Midlothian | 2,100 |
| 10/09/2020 | Cape Community Care Day Centre | Smethwick, West Midlands | 400 |
| 10/09/2020 | 1st Castleberg Scout Group | Settle, North Yorkshire | 1,750 |
| 10/09/2020 | Community Works | Thirsk, North Yorkshire | 2,950 |
| 10/09/2020 | West Yorkshire County Scout Council | Brighouse, West Yorkshire | 3,000 |
| 10/09/2020 | Devon in Sight | Kennford, Devon | 1,798 |
| 10/09/2020 | MYTIME Young Carers | Poole, Dorset | 1,047 |
| 10/09/2020 | Livability | Osset, West Yorkshire | 3,000 |
| 10/09/2020 | The Chaseley Trust | Eastbourne, East Sussex | 2,995 |
| 10/09/2020 | York Archaeological Trust | York, North Yorkshire | 2,975 |
| 10/09/2020 | The Ahoy Centre | Deptford, Greater London | 1,300 |
| 10/09/2020 | Age UK Sutton | Sutton, Greater London | 2,280 |
| 10/09/2020 | St Mary's Church | Solihull, West Midlands | 460 |
| 03/12/2020 | Armonico Consort | Warwick, Warwickshire | 1,500 |
| 03/12/2020 | Handicabs | Loanhead, Midlothian | 2,384 |
| 03/12/2020 | Age Concern New Forest | Southampton, Hampshire | 2,200 |
| 03/12/2020 | Connors Toy Libraries | Portsmouth, Hampshire | 2,280 |
| 03/12/2020 | Beatson Cancer Charity | Glasgow, City of Glasgow | 3,000 |
| 03/12/2020 | Royal Southampton Yacht Club Trust | Southampton, Hampshire | 2,520 |
| 03/12/2020 | A Breath for Life Children's Charity | Morecambe, Lancashire | 2,000 |
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2. Charitable expenditure – institutional grants (continued)
| 03/12/2020 | Rowan Alba | Edinburgh, Midlothian | 3,000 |
|---|---|---|---|
| 03/12/2020 | Libertus Services | Edinburgh, Midlothian | 958 |
| 03/12/2020 | Solent Youth Action | Eastleigh, Hampshire | 1,315 |
| 03/12/2020 | The Springfield Project | Birmingham, West Midlands | 2,288 |
| 03/12/2020 | Thumbs Up Club | Reading, Berkshire | 2,100 |
| 03/12/2020 | The Parochial Church Council of the Ecclesiastical Parish |
Dalton, Lancashire | 1,400 |
| 03/12/2020 | Whizz Kidz | London, Greater London | 3,000 |
| 03/12/2020 | Sport 4 Life UK | Birmingham, West Midlands | 500 |
| 03/12/2020 | Community Lives Matter | Ormskirk, Lancashire | 749 |
| 156,833 |
3. Trustees’ expenses and remuneration
During the year the Trustees received no remuneration (2020: £nil) and no Trustee was reimbursed for any expenses (2020: £nil). In addition, no person connected to any of the Trustees received any remuneration in the year (2020: £nil).
Other than the Trustees, the charitable company has no employees (2020: none).
4. Independent examiner’s remuneration
During the year the independent examiner received no remuneration for the independent examination of the financial statements of the charity (2020: £nil).
5. Capital
The Skipton Building Society Charitable Foundation is a charitable company limited by guarantee and has no share capital. The members have agreed to contribute an amount not exceeding £1 each to the charity’s assets in the event of it winding up.
6. Related party transactions
During the year, the charity received donations of £155,000 (2020: £155,000) from Skipton Building Society. In addition, Ms Davies and Ms Ewing are employees of Skipton Building Society.
7. Taxation
The company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010.
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