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2023-07-31-accounts

REGISTERED COMPANY NUMBER: 04466571 (England and Wales) REGISTERED CHARITY NUMBER: 1094254

AMENDED

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 July 2023

for

STEMPOINT

George Hay Partnership LLP Chartered Accountants Unit 1B Focus 4 Fourth Avenue Letchworth Hertfordshire SG6 2TU

STEMPOINT

Contents of the Financial Statements for the Year Ended 31 July 2023

Page
Impact Statement 1 to 2
Report of the Trustees 3 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 13
Detailed Statement of Financial Activities 14

STEMPOINT STEMPOINT STEMPOINT is an educational charitythat inspires children and young people to explore the incredible world of STEM- Science, Technology. Engineering and Maths. Our Impact 2022-2023 Nuff ield Research Placements f•L 223 students compieieo a Research of participants were from low-income families of participants were female students K'nex Challenges IAI 143 7240 .fv. 790 hours of expertise shared with students schools held a challenge students took part British Science Week 2023 121 23,713 primary schools children carried out the participated engineering challenge other STEM-focused activities counties reached in the East of England hours of Space Inspirations activities delivered Grants awarded to fund STEM initiatives schools took part in a STEM activity or event STEMPOINT is a registered charity in England and Wales. number 1094254

11 STEMPOINT 00 "The activity was brilliant and highlighted a new element of computing that we don't cover in GCSE or A-level lessons. It challenged them but it was also obvious how it could be applied in a job situation which was great experience for the students. Please come back next year! 66 The children had an excellent time and thoroughly enjoyed it. Our STEM ambassador made the challenge interesting and fun. 99 00 It wos really interesting to see the chemical reactions behind ultra violet rays and I will now always replenish my suncreaml The Workshop speakers were great, it was really interesting to hear about their experiences and what inspired them. Great day thank you for this o portunity. 99 STEMPOINT isa registered charity in England and Wales,number1094254

STEMPOINT

Report of the Trustees for the Year Ended 31 July 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

This year has seen us change our name from SETPOINT Hertfordshire to STEMPOINT (Charity & Company number remain the same).

OBJECTIVES AND ACTIVITIES

Objectives and aims

STEMPOINT is an educational charity involved in a wide variety of projects, all with the aim of inspiring young people about Science, Technology, Engineering and Mathematics (STEM), and encouraging them to go on to further study and careers in these areas.

The organisation runs primary and secondary school workshops; teacher training events and networking sessions and a range of complimentary STEM activities, including competitions and challenges for schools and promotion of CREST Awards in Hertfordshire and Essex and the East of England.

Significant activities

STEMPOINT holds the contract as the STEM Ambassador Hub for the East of England (covering Bedfordshire, Buckinghamshire, Cambridgeshire, Hertfordshire, Norfolk and Suffolk), part of a national programme of volunteers managed by STEM Learning nationally and funded by UKRI. There are around 2,000 active STEM Ambassador volunteers in the East of England who are mobilised to support teachers, pupils and other youth community groups to inspire greater engagement with STEM.

STEMPOINT also administers the Nuffield Research Placement scheme, which is funded by the Nuffield Foundation and run by STEM Learning nationally. STEMPOINT covers a wide region (covering Herts, Beds, Bucks, Cambs, Essex, Norfolk, Suffolk and Greater London) to offer high-quality research placements in organisations and institutions to students in Year 12 at school or college. In 2023 this programme included a pilot of week-long Nuffield 'experiences' within STEM organisations. STEMPOINT is the largest deliverer of this programme in the country, offering approximately 250 student placements this year.

Overall, the Charity provided STEM enrichment and enhancement activities to approximately 42,000 pupils across the whole age range from Key Stage 1 to Key Stage 5, as well as networking and upskilling events for teachers and volunteers.

The achievements of STEMPOINT are greatly enhanced by the in-kind support of a number of other partners, in particular MBDA UK Limited, who have hosted the organisation at their offices in Stevenage for more than 20 years, although staff have been working flexibly from home since March 2020. STEMPOINT greatly appreciates the in-kind support donated by MBDA UK Ltd. In return STEMPOINT assists the company with their own STEM outreach programmes to deliver a broad range of STEM activities for students and teachers from local schools. STEMPOINT collaborates with local employers, academic and professional institutions, and proactively develops links with other regional stakeholders, including the Local Enterprise Partnership and Careers & Enterprise Company.

FINANCIAL REVIEW

Reserves policy

In view of the current uncertainty of funding and grants available post-pandemic, the Board of Trustees have agreed a prudent fiscal strategy to mitigate for risks in the current economic climate. Reserves currently equate to approximately one year's expenditure for the charity, including core staff salaries. The Board of Trustees have agreed to review this policy in 12 months.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 3

STEMPOINT

Report of the Trustees for the Year Ended 31 July 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Board of Trustees are responsible for the management of the business risks of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04466571 (England and Wales)

Registered Charity number 1094254

Registered office

at MBDA PO Box 19, PB 211 Six Hills Way Stevenage Hertfordshire SG1 2DA

Trustees Mr M A Bartholomeusz (appointed 27.2.24) Mrs S Baxter Dr B Burningham (appointed 31.8.23) Mrs D Cole Mr I H Hawkins Mr E Hutchings (appointed 31.8.23) Mr D Khangura (appointed 11.10.22) Mrs J A Maskrey Mr A Mckay Dr D Storey Mark Wilkinson (resigned 31st August 2023) Kathleen Smith (resigned 11 October 2022) Emma Flawn (resigned 11 October 2022)

Company Secretary

Mrs H C Spencer

Independent Examiner

George Hay Partnership LLP Chartered Accountants Unit 1B Focus 4 Fourth Avenue Letchworth Hertfordshire SG6 2TU

Approved by order of the board of trustees on 11 October 2024 and signed on its behalf by:

Dr D Storey - Trustee

Page 4

Independent Examiner's Report to the Trustees of STEMPOINT

Independent examiner's report to the trustees of STEMPOINT ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2023.

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

Having satisfied myself that the accounts 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 accounts 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in 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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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

  4. the accounts 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 accounts to be reached.

Emma Wilsher FCA

George Hay Partnership LLP Chartered Accountants Unit 1B Focus 4 Fourth Avenue Letchworth Hertfordshire SG6 2TU

Date: 11 October 2024

Page 5

STEMPOINT

Statement of Financial Activities for the Year Ended 31 July 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations
25,555
Charitable activities
3
Promotion of STEM activities for young people
81,449
Investment income
2
3,492
Total
110,496
EXPENDITURE ON
Charitable activities
Promotion of STEM activities for young people
125,417
NET INCOME/(EXPENDITURE)
(14,921)
RECONCILIATION OF FUNDS
Total funds brought forward
430,097
TOTAL FUNDS CARRIED FORWARD
415,176		 Restricted
funds
£
-
301,248
-
301,248
301,248
-
-
-		 2023
Total
funds
£
25,555
382,697
3,492
411,744
426,665
(14,921)
430,097
415,176		 2022
Total
funds
£
27,570
327,417
596
355,583
344,060
11,523
418,574
430,097

The notes form part of these financial statements

Page 6

STEMPOINT

Balance Sheet 31 July 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
8
2,745
CURRENT ASSETS
Debtors
9
9,870
Cash at bank
476,099
485,969
CREDITORS
Amounts falling due within one year
10
(73,538)
NET CURRENT ASSETS
412,431
TOTAL ASSETS LESS CURRENT
LIABILITIES
415,176
NET ASSETS
415,176
FUNDS
11
Unrestricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
-
-
-
-		 2023
Total
funds
£
2,745
9,870
476,099
485,969
(73,538)
412,431
415,176
415,176
415,176
415,176		 2022
Total
funds
£
2,651
83,143
412,057
495,200
(67,754)
427,446
430,097
430,097
430,097
430,097

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2024 and were signed on its behalf by:

Dr D Storey - Trustee

The notes form part of these financial statements

Page 7

STEMPOINT

Notes to the Financial Statements for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES

General information and basis of preparation

The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activities are the provision of a wide range of projects aimed at inspiring young people about Science, Technology, Engineering and Mathematics (STEM).

The charity constitutes a public benefit entity as defined by FRS 102. The 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 Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £000.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it 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 on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on reducing balance Computer equipment - 33% on cost

Page 8

continued...

STEMPOINT

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2. INVESTMENT INCOME

3.

Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
Activity
School workshops
Promotion of STEM activities for young
people
Grants
Promotion of STEM activities for young
people
Grants received, included in the above, are as follows:
STEM Ambassador programme
Nuffield programme
Crest Awards
Enrichment Partnership		 2023
£
3,492
2023
£
32,307
350,390
382,697
2023
£
198,905
102,343
10,931
38,211
350,390		 2022
£
596
2022
£
37,545
289,872		 2022
£
596
327,417
2022
£
333,700
176,456
10,168
24,626
544,950

Page 9

continued...

STEMPOINT

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Hire of plant and machinery		 2023
£
1,583
4,050		 2022
£
2,416
4,188

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.

6. STAFF COSTS

Average number of employees during the year : 11

No employees had employee benefits in excess of £60,000.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations
27,570
Charitable activities
Promotion of STEM activities for young people
72,339
Investment income
596
Total
100,505
EXPENDITURE ON
Charitable activities
Promotion of STEM activities for young people
88,982
NET INCOME
11,523
RECONCILIATION OF FUNDS
Total funds brought forward
418,574
TOTAL FUNDS CARRIED FORWARD
430,097		 Restricted
funds
£
-
255,078
-
255,078
255,078
-
-
-		 Total
funds
£
27,570
327,417
596
355,583
344,060
11,523
418,574
430,097

Page 10

continued...

STEMPOINT

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

8.
TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 August 2022
133
Additions
-
At 31 July 2023
133
DEPRECIATION
At 1 August 2022
71
Charge for year
15
At 31 July 2023
86
NET BOOK VALUE
At 31 July 2023
47
At 31 July 2022
62
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Pension scheme
Accruals and deferred income
11.
MOVEMENT IN FUNDS
At 1.8.22
£
Unrestricted funds
General fund
430,097
TOTAL FUNDS
430,097		 Computer
equipment
£
8,176
1,677
9,853
5,587
1,568
7,155
2,698
2,589
2023
£
9,870
2023
£
4,896
5,561
33,638
2,538
26,905
73,538
Net
movement
in funds
£
(14,921)
(14,921)		 Totals
£
8,309
1,677
9,986
5,658
1,583
7,241
2,745
2,651
2022
£
83,143
2022
£
5,144
3,337
38,496
-
20,777
67,754
At
31.7.23
£
415,176		 Totals
£
8,309
1,677
9,986
5,658
1,583
7,241
2,745
2,651
2022
£
83,143		 Totals
£
8,309
1,677
9,986
5,658
1,583
7,241
2,745
2,651
2022
£
5,144
3,337
38,496
-
20,777
67,754
415,176

Page 11

continued...

STEMPOINT

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Nuffield programme
STEM Ambassador programme
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
110,496
102,343
198,905
301,248
411,744
At 1.8.21
£
418,574
418,574		 Resources
Movement
expended
in funds
£
£
(125,417)
(14,921)
(102,343)
-
(198,905)
-
(301,248)
-
(426,665)
(14,921)
Net
movement
At
in funds
31.7.22
£
£
11,523
430,097
11,523
430,097

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Nuffield programme
STEM Ambassador programme
TOTAL FUNDS		 Incoming
resources
£
100,505
88,228
166,850
255,078
355,583		 Resources
Movement
expended
in funds
£
£
(88,982)
11,523
(88,228)
-
(166,850)
-
(255,078)
-
(344,060)
11,523

Page 12

continued...

STEMPOINT

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.8.21
£
418,574
418,574		 Net
movement
in funds
£
(3,398)
(3,398)		 At
31.7.23
£
415,176
415,176

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Nuffield programme
STEM Ambassador programme
TOTAL FUNDS		 Incoming
resources
£
211,001
190,571
365,755
556,326
767,327		 Resources
Movement
expended
in funds
£
£
(214,399)
(3,398)
(190,571)
-
(365,755)
-
(556,326)
-
(770,725)
(3,398)

Nuffield programme – this funding allows us to offer research placement programme for Year 12 students

STEM Ambassador programme – this funding allows the management of volunteers offering time/expertise as role models to young people.

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2023.

Page 13

STEMPOINT

Detailed Statement of Financial Activities for the Year Ended 31 July 2023

INCOME AND ENDOWMENTS
Donations
Donations
Investment income
Deposit account interest
Charitable activities
School workshops
Grants
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Project costs
Grants to institutions
Support costs
Management
Wages
Social security
Pensions
Equipment hire and storage
Insurance
Telephone and internet
Postage and stationery
Advertising and marketing
Subscriptions
Recruitment costs
Staff training
Travel costs
Computer costs
Depreciation of tangible
Finance
Bank charges
Governance costs
Accountancy fees
Legal fees
Total resources expended
Net (expenditure)/income		 2023
£
25,555
3,492
32,307
350,390
382,697
411,744
260,487
19,577
10,946
42,949
5,712
339,671
54,310
4,152
2,121
4,050
2,605
936
408
888
6,132
473
1,607
304
3,846
1,583
83,415
62
3,474
43
3,517
426,665
(14,921)		 2022
£
27,570
596
37,545
289,872
327,417
355,583
225,557
19,854
9,667
38,778
3,484
297,340
14,721
2,606
1,270
4,188
2,530
2,302
384
423
6,287
6,335
971
667
(1,883)
2,416
43,217
105
3,372
26
3,398
344,060
11,523

This page does not form part of the statutory financial statements

Page 14