REGISTERED COMPANY NUMBER: 08424541 (England and Wales) REGISTERED CHARITY NUMBER: 1152290
Report of the Trustees and Unaudited Financial Statements for the Year Ended 28 August 2020
for S.C. (Chiltern) Ltd
Danton Partners 7 Merlin Courtyard Gatehouse Close Aylesbury Buckinghamshire HP19 8DP
S.C. (Chiltern) Ltd
Contents of the Financial Statements for the Year Ended 28 August 2020
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 14 |
S.C. (Chiltern) Ltd
Reference and Administrative Details for the Year Ended 28 August 2020
TRUSTEES
Mrs S D Eades Mrs M Y L Humphreys Mrs G M Perceval
REGISTERED OFFICE
7 Merlin Courtyard Gatehouse Close Aylesbury HP19 8DP
REGISTERED COMPANY 08424541 (England and Wales) NUMBER REGISTERED CHARITY 1152290
REGISTERED CHARITY NUMBER
INDEPENDENT EXAMINER
Danton Partners 7 Merlin Courtyard Gatehouse Close Aylesbury Buckinghamshire HP19 8DP
Page 1
S.C. (Chiltern) Ltd
Report of the Trustees for the Year Ended 28 August 2020
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 28 August 2020. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aim of the company is to promote the benefits and improve the condition of life of the inhabitants of the Great Missenden Parish; with a view to enhancing education and supporting facilities in the interest of social welfare.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Grantmaking policies
The company distributes money to such local charitable purposes following majority agreement by the members of the charity at a grantmaking meeting held every two months.
Each grant is supported by a detailed grant application.
FINANCIAL REVIEW
Financial position
The statement of financial activities shows net income of £15,754 (2019: £7,143) for the year. Total funds as at 28 August 2020 stand at £109,552. (2019: £93,798). The trustees consider the state of the charity's affairs to be satisfactory.
Principal funding sources
The company raises the majority of its income through operating a charity shop run by a team of volunteers. Additional income is raised by recycling any unsold items, other local fundraising events and by voluntary donations from the public.
Reserves policy
The trustees consider it prudent to maintain a reserves level of £20,000.
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.
FINANCIAL INSTRUMENTS
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
The trustees (who are also the directors of S.C. (Chiltern) Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Page 2
S.C. (Chiltern) Ltd
Report of the Trustees
for the Year Ended 28 August 2020
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 6 May 2021 and signed on its behalf by:
Mrs G M Perceval - Trustee
Page 3
Independent Examiner's Report to the Trustees of S.C. (Chiltern) Ltd
Independent examiner's report to the trustees of S.C. (Chiltern) Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 August 2020.
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
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 accounts do not accord with those records; or
-
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
-
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.
Sajjad Rajan FCCA Danton Partners 7 Merlin Courtyard Gatehouse Close Aylesbury Buckinghamshire HP19 8DP
6 May 2021
Page 4
S.C. (Chiltern) Ltd
Statement of Financial Activities for the Year Ended 28 August 2020
| 28.8.20 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 4,221 Charitable activities 5 Grant funding 10,000 Other trading activities 4 49,767 Other income 3,258 Total 67,246 EXPENDITURE ON Raising funds 6 26,973 Charitable activities 7 Grant funding 22,334 Other 935 Total 50,242 NET INCOME 17,004 RECONCILIATION OF FUNDS Total funds brought forward 93,798 TOTAL FUNDS CARRIED FORWARD 110,802 |
28.8.19 Total funds £ 700 - 85,870 - |
|---|---|
| 86,570 23,436 55,211 780 |
|
| 79,427 | |
| 7,143 86,655 |
|
| 93,798 |
The notes form part of these financial statements
Page 5
S.C. (Chiltern) Ltd
Balance Sheet
28 August 2020
| 28.8.20 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 13 246 CURRENT ASSETS Debtors 14 12,005 Cash at bank and in hand 99,752 111,757 CREDITORS Amounts falling due within one year 15 (1,201) NET CURRENT ASSETS 110,556 TOTAL ASSETS LESS CURRENT LIABILITIES 110,802 NET ASSETS 110,802 FUNDS 17 Unrestricted funds 110,802 TOTAL FUNDS 110,802 |
28.8.19 Total funds £ - 12,453 82,460 94,913 (1,115) 93,798 93,798 93,798 93,798 93,798 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(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 surplus or deficit 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.
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 6 May 2021 and were signed on its behalf by:
G M Perceval - Trustee
The notes form part of these financial statements
Page 6
S.C. (Chiltern) Ltd
Notes to the Financial Statements for the Year Ended 28 August 2020
1. CHARITY STATUS
The charity is limited by guarantee, incorporated in, and consequently does not have share capital. Each trustee is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of a liquidation.
The address of its registered office is: 7 Merlin Court Gatehouse close Aylesbury Buckinghamshire HP19 8DP
These financial statements were authorised for issue by the trustees on 6 May 2021.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.
Statement of compliance
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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS, 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
S.C. (Chiltern) Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has an entitlement to the income, the income will probably be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, and the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required, and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
continued...
Page 7
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
2. ACCOUNTING POLICIES - continued
Basis of preparing the financial statements Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non -current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
continued...
Page 8
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
| 3. | DONATIONS AND LEGACIES | DONATIONS AND LEGACIES | ||
|---|---|---|---|---|
| 28.8.20 | 28.8.19 | |||
| £ | £ | |||
| Donations | 4,221 | 700 | ||
| 4. | OTHER TRADING ACTIVITIES | |||
| 28.8.20 | 28.8.19 | |||
| £ | £ | |||
| Shop income | 46,267 | 80,454 | ||
| Recycling Income | 3,500 | 5,416 | ||
| 49,767 | 85,870 | |||
| 5. | INCOME FROM CHARITABLE ACTIVITIES | |||
| 28.8.20 | 28.8.19 | |||
| Activity | £ | £ | ||
| Grants | Grant funding | 10,000 | - | |
| Grants received, included in the above, are as follows: | ||||
| 28.8.20 | 28.8.19 | |||
| £ | £ | |||
| Government Grants | 10,000 | - | ||
| 6. | RAISING FUNDS | |||
| Raising donations and legacies | ||||
| 28.8.20 | 28.8.19 | |||
| £ | £ | |||
| Rates and water | 136 | 162 | ||
| Insurance | 487 | 536 | ||
| Light and heat | 2,205 | 1,594 | ||
| Telephone | 572 | 660 | ||
| Postage and stationery | 174 | 576 | ||
| Sundries | 1,249 | 1,262 | ||
| Rent | 15,000 | 15,000 | ||
| Waste management | 1,437 | 2,325 | ||
| Repairs and maintenance | 2,948 | 233 | ||
| Expensed equipment | 480 | 67 | ||
| Cleaning | 1,254 | 120 | ||
| Depreciation | 70 | - | ||
| Support costs | 961 | 901 | ||
| 26,973 | 23,436 |
continued...
Page 9
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
7. CHARITABLE ACTIVITIES COSTS
| 7. | CHARITABLE ACTIVITIES COSTS | ||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | |||
| (see note | |||
| 8) | |||
| £ | |||
| Grant funding | 22,334 | ||
| 8. | GRANTS PAYABLE | ||
| 28.8.20 | 28.8.19 | ||
| £ | £ | ||
| Grant funding | 22,334 | 55,211 | |
| The total grants paid to institutions during the year was as follows: | |||
| 28.8.20 | 28.8.19 | ||
| £ | £ | ||
| Grants to institutions | 22,334 | 55,211 |
Material grants to institutions consisted of £3,678 (2019: £1,883) to Thames Valley Air Ambulance, £3,250 (2019: £1,130) to Prestwood Village Hall and £2,997 (2019: £Nil) to Great Missenden Parish Council.
9. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| costs | ||||
| £ | ||||
| Raising donations and legacies | 961 | |||
| Other resources expended | 935 | |||
| 1,896 | ||||
| Support costs, included in the above, are as follows: | ||||
| 28.8.20 | 28.8.19 | |||
| Raising | ||||
| donations | Other | |||
| and | resources | Total | Total | |
| legacies | expended | activities | activities | |
| £ | £ | £ | £ | |
| Accountancy fees | - | 695 | 695 | 540 |
| Independent examination | - | 240 | 240 | 240 |
| Bank charges | 961 | - | 961 | 901 |
| 961 | 935 | 1,896 | 1,681 |
Support costs, included in the above, are as follows:
continued...
Page 10
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
10. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 28.8.20 | 28.8.19 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 70 | - |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 August 2020 nor for the year ended 28 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 August 2020 nor for the year ended 28 August 2019.
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 700 |
| Other trading activities | 85,870 |
| Total | 86,570 |
| EXPENDITURE ON | |
| Raising funds | 23,436 |
| Charitable activities | |
| Grant funding | 55,211 |
| Other | 780 |
| Total | 79,427 |
| NET INCOME | 7,143 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 86,655 |
| TOTAL FUNDS CARRIED FORWARD | 93,798 |
continued...
Page 11
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
13. TANGIBLE FIXED ASSETS
| 13. | TANGIBLE FIXED ASSETS | ||
|---|---|---|---|
| Computer | |||
| equipment | |||
| £ | |||
| COST | |||
| Additions | 316 | ||
| DEPRECIATION | |||
| Charge for year | 70 | ||
| NET BOOK VALUE | |||
| At 28 August 2020 | 246 | ||
| At 28 August 2019 | - | ||
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 28.8.20 | 28.8.19 | ||
| £ | £ | ||
| Trade debtors | 315 | 746 | |
| Lease deposit held by Coutts | 10,000 | 10,000 | |
| VAT | 440 | 457 | |
| Prepayments and accrued income | 1,250 | 1,250 | |
| 12,005 | 12,453 | ||
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 28.8.20 | 28.8.19 | ||
| £ | £ | ||
| Trade creditors | 153 | 149 | |
| Accrued expenses | 1,048 | 966 | |
| 1,201 | 1,115 | ||
| 16. | LEASING AGREEMENTS | ||
| Minimum lease payments under non-cancellable operating leases fall due as follows: | |||
| 28.8.20 | 28.8.19 | ||
| £ | £ | ||
| Within one year | 15,000 | 15,000 | |
| Between one and five years | 42,500 | 57,500 | |
| 57,500 | 72,500 |
continued...
Page 12
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
17. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Net | ||||
| At | movement | At | ||
| 29.8.19 | in funds | 28.8.20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 93,798 | 17,004 | 110,802 | |
| TOTAL FUNDS | 93,798 | 17,004 | 110,802 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 67,246 | (50,242) | 17,004 | |
| TOTAL FUNDS | 67,246 | (50,242) | 17,004 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| At | movement | At | ||
| 29.8.18 | in funds | 28.8.19 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 86,655 | 7,143 | 93,798 | |
| TOTAL FUNDS | 86,655 | 7,143 | 93,798 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 86,570 | (79,427) | 7,143 | |
| TOTAL FUNDS | 86,570 | (79,427) | 7,143 |
continued...
Page 13
S.C. (Chiltern) Ltd
Notes to the Financial Statements - continued for the Year Ended 28 August 2020
17. 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 |
Net At movement At 29.8.18 in funds 28.8.20 £ £ £ 86,655 24,147 110,802 86,655 24,147 110,802 |
Net At movement At 29.8.18 in funds 28.8.20 £ £ £ 86,655 24,147 110,802 86,655 24,147 110,802 |
|---|---|---|
| 110,802 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 153,816 | (129,669) | 24,147 |
| TOTAL FUNDS | 153,816 | (129,669) | 24,147 |
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 August 2020.
19. COMPANY LIMITED BY GUARANTEE
The liability of each member is limited to £1 by guarantee.
Page 14
This page does not form part of the statutory financial statements
Page 16