2021-07-31-accounts

Registered number: 08696283

STOREY’S FIELD COMMUNITY TRUST (A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

Charity Number 1156017

STOREY’S FIELD COMMUNITY TRUST

CONTENTS

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |INDEPENDENT AUDITORS’|REPORT TO THE MEMBERS OF STOREY’S|FIELD COMMUNITY TRUST...........c000000.7| |FINANCIAL STATEMENTS|FOR THE YEAR|ENDING|31 JULY|2021..........cccccsssessosssessscsssssssscsssssccecessccccscsscseccse|10|

----- End of picture text -----

Page 1

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS AND ADVISORS

Directors and Trustees

The directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The Trustees serving during the year were as follows:

DIRECTORS

Jeremy Sanders

Lily Bacon

Lucy Nethsingha (Appointed 27 May 2021) Simon Smith (Appointed 27 May 2021) Karina Prasad (Resigned 20 October 2020) Michael Sargeant (Resigned 27 May 2021) Gregory Chadwick (Resigned 11 May 2021) Mary Parsons (Appointed 26 July 2021) Katherine Thornburrow

REGISTERED OFFICE

Storey’s Field Centre Eddington Avenue Cambridge Cambridgeshire CB3 1AA

REGISTERED NUMBER CHARITY NUMBER

08696283

1156017

INDEPENDENT AUDITORS

Peters Elworthy & Moore Chartered Accountants and Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

BANKERS

Barclays Bank plc St Andrew’s Street Cambridge Cambridgeshire CB2 3AA

Page 2

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS’ REPORT

Report of the Trustees for the year ended 31 July 2021

The Trustees are pleased to present their annual Trustees’ Report for the year to 31 July 2021 which is also prepared to meet the requirements for a Directors’ Report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 (FRS 102) (effective 1 January 2015).

Chair’s report

The Storey’s Field Centre is a Community facility in the heart of Eddington. It acts as an art centre, events venue, meeting place and community hub.

Prior to March 2020 the Centre positioned itself as a venue for the whole community, with parent and toddler sessions, coffee mornings, arts and crafts, exercise and wellbeing classes and after-school activities. We hosted weddings of many religious denominations, wakes and other family and celebratory parties, corporate meetings and seminars, and a range of arts events including rock and pop gigs, classical performances, comedy, dance and drama. The Centre was an active participant in the Eddington-wide food and drink, art, and cycling themed festivals.

On 23 March 2020, in line with Government guidelines on the Covid-19 pandemic, the Centre closed to the public, re-opening briefly in the late summer (September) of 2020, and closing again on 4th November. A Covid Secure Risk Assessment for the Centre was put in place on re-opening and communicated to all hirers of the Centre. The Centre team worked with, amongst others, the Eddington Residents’ Association to present a limited programme of community events, such as community cinema. A contactless ordering, table service, and payment system was put in place.

The Centre remained closed over the peak Christmas period and was unable to provide its usual festive offer to the Community.

Since April 2021, the Centre has been open for public events and bookings, but in line with Government guidelines, this has been in a limited capacity. The team have focussed on attracting more outdoor events, utilising the open space that forms part of the Centre grounds. A general sense of nervousness persists amongst the public with some weddings cancelling or moving into next year. Commercial bookings have not yet returned: it looks likely that this sector will only begin to recover over the autumn 2021, due to online meetings becoming the normal way of business. The long-term future of live events remains uncertain so we continue to develop hybrid meeting options, online conferences and virtual gigs and concerts.

A number of staff were furloughed during the closures and the Centre Manager was seconded to work with the Cambridge City Council Community Resilience Team on a part time basis, working on the Test and Trace door knocking team.

The impact of the closures is apparent in the Centre’s finances as well as its inability to provide a service to the Community.

The Centre has its own Business Continuity Plan in place. It also features in the plans of local organisations through its ability to provide at short notice shelter for local residents should they be displaced due to an unforeseen event or to offer an administrative base from which to coordinate recovery plans.

Page 3

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS’ REPORT (continued)

The Trustees decided in 2020 to bring in consultants to re-examine the operating mode! of the Centre. A full strategic review was conducted during November 2020. The Trustees and Members together are considering the report and collaborating on the best way to implement its recommendations for governance. A number of the Review’s recommendations on day-to-day operations have been adopted.

A contract extension of 18 months until December 2022 was agreed by the Trust and Cambridge City Cou ncil for the City Council to continue to manage the Centre whilst the Trustees consider their options.

The Storey's Field Centre will continue to seek to serve the community of which it is an integral part.

Our purpose and activities

The objectives of the charity are stated in its articles as:

• (a) The advancement of community development and environmental improvement in particular through the provision of public access to and use of the Jointly Managed Open Land together with the Community Facility by, and for the benefit of, the residents, businesses, communities, visitors and the wider public in the area surrounding of the Jointly Managed Open Land, the neighbourhood, and elsewhere (including but not limited to the City of Cambridge and South Cambridgeshire District);

• (b) The promotion of volunteering and of voluntary and other organisations for the benefit of the communities local to the Community Facility and the Jointly Managed Open Land and the wider public;

• (c) The conservation, protection and improvement of the physical and natural environment of the Jointly Managed Open Land;

• (d) The conservation, maintenance and preservation of the Jointly Managed Open Land and the Community Facility;

• (e) The advancement of such other charitable purposes beneficial to the public, so far as consistent with the objects stated above, as the Trustees shall in their absolute discretion determine.

The Storey’s Field Centre achieves its objectives primarily through the provision of the Storey’s Field Centre for Community use. Residential and local groups are encouraged to use the facilities and small grants are available to assist in the establishment of such groups. The open area adjacent to the building has been utilised for the flag parade and carol singing amongst other activities and as the Centre activities develop, more use will be made of the Jointly Managed Open land. The Centre works with the City Council Sports Development Officer to increase opportunities for residents to take part in fitness classes both at the Centre and in Eddington.

The Centre building is built to high sustainability standards and is managed with waste and environmental considerations at the forefront. In mid 2018 a Zero Waste Kitchen Challenge series of workshops was held to help residents to reduce the amount of food waste. This project works closely with just a few families/households at a time.

The Storey’s Field Trust does not employ staff directly to manage the Centre but it has entered into a service agreement with Cambridge City Council to provide the staff to run and manage the Centre. A separate agreement has been entered into with a facilities management company, Mears, for the cleaning and maintenance of the building and surrounding landscaping.

Page 4

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS’ REPORT (continued)

Directors

• The Directors who served during the year and up to the date of signing of this report were as follows: Jeremy Sanders

Lily Bacon

Lucy Nethsingha (Appointed 27 May 2021)

• Simon Smith (Appointed 27 May 2021

Karina Prasad (Resigned 20 October 2020)

• Michael Sargeant (Resigned 27 May 2021) Gregory Chadwick (Resigned 11 May 2021) Mary Parsons (Appointed 26 July 2021) Katherine Thornburrow

Financial review

The results for the period show income received in the year of £53,473 (2020 £106,916) and a deficit of £204,738 (2020 £183,373), results shown on page 10.

Reserves policy and going concern

At July 2021 Storey’s Field Community Trust had reserve surplus of £750,954 (2020: £790,692). The Trust’s current target is to achieve break even on its receipts in the accounts relating to funds provided to Storey’s Field to meet its operational deficit, these funds are provided by the University of Cambridge. These accounts have been prepared under the going concern basis as the Trustees have received confirmation that the University of Cambridge intends to support the company for at least one year after these Financial Statements are signed.

Principal risks and uncertainties

The Trustees have a responsibility to monitor, disclose and where feasible manage the major risks and uncertainties facing the Charity. The Trustees maintain and review regularly a Risk register. Major risks identified are:

• e The Charity attaches greatest importance to the safeguarding and Health & Safety of its staff and Centre users.

• e The Charity monitors Centre utilisation risk at every Trustee meeting. e The Charity also faces a range of operational risks in its daily affairs and has both established, experienced and a well-resourced management team in place to address them.

Through its Trustee meetings, the Charity monitors and manages all these risks to the best of its ability. The Charity maintains a risk register which is reviewed at least annually by the Trustees.

The Trust has 6 Trustees, 3 Trustees are appointed from Cambridge City Council and 3 Trustees are appointed by the University of Cambridge. Training is offered and provided to Trustees in order to fulfil their duties as Trustees.

Governing documentation

Storey’s Field Community Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11 September 2013. Storey’s Field Community Trust is a registered charity with the Charity Commission (Charity number 1156017).

Page S

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS’ REPORT (continued)

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Storey’s Field Community Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

• e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2015);

• e make judgments and estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and

• © prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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.

The Trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

• In the case of each director in office at the date the Directors’ report is approved, that:

(a) so far as the Trustee is aware, there is no relevant audit information of which the company’s auditors are unaware; and

(b) The Trustee has taken all the steps that they ought to have taken as a Trustee in order to be aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

By order of the Board of Trustees

----- Start of picture text -----
eo~ .
Jeremy Keith Morris Sanders- 15 November 2021
----- End of picture text -----

Page 6

STOREY’S FIELD COMMUNITY TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF STOREY’S FIELD COMMUNITY TRUST

Opinion

We have audited the financial statements of Storey’s Field Community Trust (the ‘charitable company’) for the year ended 31 July 2021 which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, the Balance Sheet, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

• In our opinion, the accompanying financial statements:

• e give a true and fair view of the state of the charitable company’s affairs as at 31 July 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been properly prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors’ report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

in connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

• OPINION ON THE OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based solely on the work undertaken in the course of the audit:

• e the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• e the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Page7

STOREY’S FIELD COMMUNITY TRUST

• INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF STOREY’S FIELD COMMUNITY TRUST (continued)

• MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: e adequate accounting records have not been kept, or returns adequate for our audit have not been received from the branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of directors’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit. e The Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Responsibilities Statement on page 5, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• ewe identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

• e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, the Companies Act 2006 and taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items;

• e in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid material penalty. The laws and regulations we considered in this context were data protection, anti-bribery, employment and health and safety legislation;

• e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence available; and

• e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

• We assessede the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 8

STOREY’S FIELD COMMUNITY TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF STOREY’S FIELD COMMUNITY TRUST (continued)

• AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) e making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we;

• e performed analytical procedures to identify any unusual or unexpected relationships; e tested joumal entries to identify unusual transactions; e assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• e investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• e agreeing financial statement disclosures to underlying supporting documentation; e enquiring of management as to actual and potential litigation and claims; and e reviewing documents made available to us such as internal reports and correspondence with relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

----- Start of picture text -----
P Bredhoncle
----- End of picture text -----

Kelly Bretherick (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore

Chartered Accountants

Statutory Auditors

Salisbury House Station Road Cambridge CB1 2LA

Date: 15" November 2021

Page 9

STOREY’S FIELD COMMUNITY TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 JULY 2021

Statement of Financial Activities (including income and expenditure account) year ended 31 July 2021

	bag	Yearto31July 2021	Yearto31July 2020
Income		£	£
Incomefrom charitable activities
incomefrom room hireforevents		25,416	81,916
incomefrom Grant		28,057	25,000
Totalincome	5	53,473	106,916
Expenditure on charitable activities Event costs		(5,215)	(19,864)
Administrativeexpenses	6	(252,996)	(270,425)
Total expenditure		(258,211)	(290,289)
Netexpenditureandnetmovement infundsforthe		(204,738)	(183,373)
year
Reconciliation offunds Totalfunds deficitbroughtforward Transferfrom Revaluation		(568,846) 7,920	(393,394) 7,921
Totalfunddeficitcarriedforward(beforeothergains /		(765,664)	(568,846)
losses)
MovementonRevaluation of Fixed Assets- separateRevaluationreserve		(7,920)	(7,921)

The statement of financial activities include all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 10

STOREY’S FIELD COMMUNITY TRUST

Balance sheet as at 31 July 2021

----- Start of picture text -----
Note 2021 2020
£ £
Fixed Assets 9 788,761 800,340
Current assets
Stock 731 1,501
Debtors 10 16,330 33,693
Cash at bank and in hand 46,553 58,871
63,614 94,065
Creditors: amounts falling due within one year 11 (101,421) (103,713)
Net current Liabilities (37,807) (9,648)
Net assets 750,954 790,692
The funds of the charity
Called-up share capital 12 - -
Unrestricted Funds 13 (765,664) (568,846)
Revaluation 13 771,618 779,538
Other Non-distributable Reserve 13 745,000 580,000
Total charity funds 750,954 790,692
----- End of picture text -----

The notes on pages 12 to 17 are an integral part of these financial statements.

The financial statements on pages 10 to 17 were authorised for issue by the board of directors

On 15 November 2021 and were signed on its behalf by:

Jeremy Sanders Director

Storey’s Field Community Trust Registered Number: 08696283

Page 11

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

1. General information and legal status

The company is a private company limited by guarantee and is incorporated and domiciled in England. The address of its registered office is Eddington Avenue, Cambridge, CB3 1AA.

2. 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 2015 — Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) and the Companies Act 2006.

3. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follow:

a) Basis of Preparation and Going concern

The accounts have been prepared on the Going concern basis. Storey’s Field Community Trust is in a net deficit position as at 31 July 2021. The Trustees have received confirmation that the University of Cambridge intends to support the charity for at least one year after these financial statements are signed. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Exemptions for qualifying entities under FRS 102

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company’s shareholders.

The Company has taken advantage of the following exemptions:

• (i) from preparing a statement of cash flows, on the basis that it is a qualifying entity.

• (ii) from disclosing transactions with other wholly owned Group companies as stated in paragraph 3.1A of FRS 102: Related party disclosures.

• (iii) from disclosing detailed information on financial instruments as set out in paragraph 11.41 of FRS 102: Categories of financial assets and financial liabilities, on the basis that it is a qualifying entity.

c) Foreign currency

• (i) | Functional and presentation currency

The company’s functional and presentation currency is pound sterling.

Page 12

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

d) Income recognition

(i) | Room Hire Income

Room Hire Income is recognised on the accruals basis. Where cash is received in advance of the event, this is recognised in deferred income.

e) Financial Instruments

(i) Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, are recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

• (ii) Financial Liabilities

Basic financial liabilities, including trade and other creditors, are recognised at transaction price, unless the arrangement constitutes a financing transaction, where a debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

f) Fixed Assets Office equipment, Furniture & Fixtures and IT equipment are initially recorded at cost, and subsequently recorded at cost less any accumulated depreciation. Depreciation is calculated to write off the cost of an asset less its residual value, over the useful economic leasehold length of life of that asset as follows:

Office equipment — 7 years Furniture & Fixtures — 7 years IT equipment — 3 years

The Trustees have adopted a policy of revaluing freehold land and buildings. The company hold a long leasehold over the Storey’s Field Centre property which has been stated at the revalued amount less any subsequent depreciation and accumulated impairment losses.

Land is not depreciated. Depreciation on buildings is calculated, using the straight-line method, to allocate the cost to their residual values over their estimated useful lives, as follows:

• Long leasehold property over the remaining lease period. The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

g) Prepayments

Prepayments are amounts paid in advance for services that have not been performed at the balance sheet date.

Page 13

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

h) Accruals

Accruals are recognised when the company hasa constructive obligation as a result of past events; it is probable that an outflow or resources will be required to settle the obligation; and where the amount of the obligation can be reliably estimated.

4. Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the entity’s accounting policies

The company makes no critical judgements in applying the entity’s accounting policies.

(b) Critical accounting estimates and assumptions

The company makes no critical accounting estimates or assumption concerning the future, apart from the bad debt estimate (see note 10).

5. Retail, Hospitality and Leisure Grant

	2021		2020
		£	£
Analysis ofincome bycategory
Room Hire		21,733	57,072
BarIncome		2,925	19,440
Catering Income		758	5,404
Grant		28,057	25,000
		53,473	106,916

All income is generated in the United Kingdom

6. Analysis of expenditure on charitable activities

	2021	2020
	£	£
Staffingcosts TFM Fees	130,474 47,037	153,666 46,567
Office Costs	46,350	33,044
Marketing and Website Development	867	2,514
Legal Audit Insurance	500 5,000 9,358	5,251 4,120 10,854
Depreciation	13,410	14,409
Total	252,996	270,425

Page 14

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. Directors’ emoluments and employee information

No directors’ emoluments were incurred by Storey’s Field Community Trust in the current or preceding period. The company has no other employees (2020: none).

8. Corporation tax

The charity is exempt from tax on income and gains falling within section 478 to 488 of the Corporation Tax Act 2010, or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9. Fixed Assets

	Long	Office	Furniture	IT	Total
	Leasehold	Equipment	& Fixtures	Equipment
	Property
Cost/Valuation	£	£	£	£	£
Broughtforward at 1	800,000	1,696	23,935	8,554	834,185
August2020
Additions	-	-	1,1/0	661	1,831
Revaluations	-	-	-	-	-
Disposals	-	:	-	-	-
Closing Balance at
31July2021	800,000	1,696	25,105	9,215	836,016
Depreciation
Broughtforward at 1	20,462	556	5,972	6,855	33,845
August2020
Depreciation	7,920	242	3,512	1,736	13,410
Disposals	-	-	-	-	-
Closing Balance at31
July 2021	28,382	798	9,484	8,591	47,255
Net BookValue
At 31 July 2020	779,538	1,140	17,963	1,699	800,340
At31July2021	771,618	898	15,621	624	788,761

Leasehold property refers to the Storey’s Field Centre property. This property was transferred to the trust for zero cash consideration as part of the North West Cambridge $106 commitments. The leasehold interest was then valued on 31 March 2018 by an independent valuer using market based evidence for similar properties sold in the local area. Had this item been carried under the cost model, it would have been stated at zero cost.

No future lease payments are required for the duration of the lease and so no liability for rentals payable has been recognised separately in the balance sheet.

Page 15

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. Debtors

	2021	2020
	£	£
Amounts owed bygroup undertakings	138	-
Trade debtors	2,236	100
Other debtors	9,657	28,695
Prepayments	4,299	4,898
	16,330	33,693

Trade debtors includes a provision for bad debt of £nil (2020: £590) Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

11. Creditors: amounts falling due within one year

	2021	2020
	£	£
Amountowed togroup undertakings	12,243	12,714
Deferred income	566	170
Accruals Other creditors	43,699 44,913	33,506 57,323
	101,421	103,713

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

12. Called up share capital

Storey’s Field Community Trust is a company Limited by guarantee and as such does not have any share capital.

13. Reserves

	Unrestricted	Revaluation	OtherNon-		Total
	Funds		distributable
			Reserve
	£	£		£		£
Opening Balance	(568,846)	779,538		580,000		790,692
1August2020
Deficit in period	(204,738)	-		-		(204,738)
Transfer	7,920	(7,920)		-		-
Drawdown	-	-		165,000		165,000
	(765,664)	771,618		745,000		750,954

Unrestricted Funds includes all current and prior year retained surplus and deficits. Revaluation represents the revaluation of donated assets. Other non-distributable reserves represents advances made to the charity to cover its running costs

Page 16

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

14. Related party transactions

The company is exempt from disclosing related party transactions as they are with other companies that are wholly owned within the group.

15. Parent Undertaking

The ultimate parent undertaking and ultimate controlling party is the University of Cambridge, which is the parent of the smallest and largest group of undertakings to consolidate these financial statements. Copies of the University of Cambridge consolidated financial statements can be obtained from the Company secretary at The Old Schools, Trinity Lane, Cambridge, Cambridgeshire, CB2 1TN.

Page 17