2023-07-31-accounts

DocuSign Envelope ID: EZ3AEAQEA-2CF1-4AF3-AF95-FA872021A6B6

Registered number: 08696283

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

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2023

Charity Number 1156017

DocuSign Envelope ID: E3AEAQEA-2CF1-4AF3-AF95-FA872021A6B6

STOREY’S FIELD COMMUNITY TRUST

CONTENTS

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

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 Maria Nestor (appointed 25 May 2023) Lucy Nethsingha Simon Smith Mary Parsons Katherine Thornburrow (resigned 25 May 2023)

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

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS’ REPORT

Report of the Trustees for the year ended 31 July 2023

The Trustees are pleased to present their annual Trustees’ Report for the year to 31 July 2023 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

Storey’s Field Centre is a community facility in the heart of Eddington which acts as an arts centre, events and music venue, meeting place and community hub.

The Centre serves as a venue for the whole community with parent and toddler sessions; free coffee mornings; arts and crafts; exercise, yoga and wellbeing classes; and after-school activities including language learning and artistic endeavour. It hosts wedding ceremonies and wedding receptions of different denominations, wakes and other family and celebratory parties, corporate meetings and seminars. It promotes a range of arts events including rock and pop gigs, classical performances, comedy, dance, and drama. The Centre is an active participant in the Eddington-wide food and drink, art and cycling-themed festivals.

Since February 2022 the Centre has fully reopened following the disruption caused by the pandemic. A Covid Secure Risk Assessment for the Centre was put in place on its re-opening and communicated to all hirers. The initial post-pandemic events saw the Centre team working with, amongst others, the Eddington Residents’ Association to present a programme of distance seated community events such as cinema film screenings and comedy.

There have been no significant Health and Safety incidents involving staff or members of the public at events at the Centre. Any trips and mishaps are reported to the Trust.

For many months after re-opening there was a sense of nervousness amongst the public, with some wedding parties cancelled or rescheduled. Commercial bookings have not yet fully returned whilst a new hybrid way of meeting — partly in person, partly online — has become a normal way of business.

The beautiful acoustics of the Centre’s Main Hall continues to attract amateur choirs, orchestras, and community and student musical ensembles to rehearse at the Centre. The Centre has become a sought-after space for holding public meetings by the City and County Councils as well as internal meetings for local authorities, the University of Cambridge, and other public service organisations. The local community held diverse celebrations at the Centre including children’s birthday parties, and larger events celebrating Black History Month, Divali and Garba festivals. A Sunday Coronation celebration event was held on the Coronation of His Majesty King Charles III.

Commercial music promoters attracted to the gentle ambience of the Main Hall have staged performances here by singer-songwriters including Jesca Hoop, Josh Rouse and Nerina Pallot as well as the psychedelic experience of Henge. The Centre is now an established host venue for the annual Cambridge Jazz Festival. Professional wrestling — more family entertainment than sport — has also now found a regular place in the Centre’s entertainment programme.

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.

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

STOREY’S FIELD COMMUNITY TRUST

DIRECTORS’ REPORT (continued)

Cambridge City Council manages the Centre under an agreement with the Trust which will expire in early 2024. Trustees and Members of the Trust are actively reviewing the governance and management arrangements, in order to fulfil the Centre’s community ambitions alongside a viable and vibrant programme of events.

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.

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DocuSign Envelope ID: EZAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

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 Maria Nestor (appointed 25 May 2023)

Lucy Nethsingha Simon Smith

• Mary Parsons Katherine Thornburrow (resigned 25 May 2023)

Financial review

The results for the period show income received in the year of £348,494 (2022: £116,895) and a surplus of £16,496 (2022: deficit £192,718), results shown on page 10.

Reserves policy and going concern

At July 2023 Storey’s Field Community Trust had reserve surplus of £724,732 (2022: £708,236). 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).

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

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

• e 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

Simo Smite

Simon Smith Date: 08 December 2023

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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 2023 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 2023 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.

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DocuSign Envelope ID: ESAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

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 6, 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:

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

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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 journal 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.

bully Bretluvviok

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: 08 December 2023

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

STOREY’S FIELD COMMUNITY TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 JULY 2023

Statement of Financial Activities (including income and expenditure account) year ended 31 July 2023

	Note	Yearto31July 2023	Yearto31July 2022
Income		£	£
Income from charitable activities
Income from room hire for events		123,494	112,895
Income from Grant		225,000	4,000
Total income	5	348,494	116,895
Expenditure on charitable activities
Event costs		(22,101)	(22,919)
Administrative expenses	6	(309,897)	(286,694)
Total expenditure		(331,998)	(309,613)
Netexpenditureand netmovement infundsforthe year		16,496	(192,718)
Reconciliation offunds
Total funds deficit brought forward		(950,462)	(765,664)
Transfer from Revaluation		7,920	7,920
Totalfund deficitcarriedforward(beforeothergains/ losses)		(926,046)	(950,462)
Movementon Revaluation of FixedAssets— separateRevaluationreserve		(7,920)	(7,920)

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

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STOREY’S FIELD COMMUNITY TRUST

Balance sheet as at 31 July 2023

	Note	2023	2022
		£	£
Fixed Assets	9	765,625	777,523
Current assets
Stock		1,632	1,379
Debtors	10	15,083	26,916
Cash at bank and in hand		82,116	23,894
		98,831	52,189
Creditors: amounts falling due within one year	11	(139,724)	(121,476)
Net current Assets		(40,893)	(69,287)
Net assets		724,732	708,236
The funds ofthe charity
Called-up share capital	12	-	-
Unrestricted Funds	13	(926,046)	(950,462)
Revaluation	13	755,778	763,698
Other Non-distributable Reserve	13	895,000	895,000
Totalcharityfunds		724,732	708,236

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 08 December 2028nd were signed on its behalf by:

Simo Smitle

Simon Smith Director

Storey’s Field Community Trust Registered Number: 08696283

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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 Ireland (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 ina net deficit position as at 31 July 2023. 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.

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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.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

h) Accruals

Accruals are recognised when the company has a 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 ofthe 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 critical accounting estimates or assumption concerning the future, in relation to useful life of fixed assets, depreciation rates (Note 9) and bad debt estimate (see note 10).

5. Retail, Hospitality and Leisure Grant

	2023	2022
	£	£
Analysis of income by category
Room Hire	91,449	84,244
Bar Income	21,827	19,317
Catering Income	10,218	9,334
Grant	225,000	4,000
	348,494	116,895

All income is generated in the United Kingdom

6. Analysis of expenditure on charitable activities

	2023	2022
	£	£
Staffing costs	164,322	147,819
TFM Fees	47,359	47,608
Office Costs	56,959	50,886
Marketing and Website Development	2,878	1,779
Legal	6,280	10,732
Audit	7,700	5,450
Insurance	12,813	10,348
Depreciation	12,186	12,072
Total	309,897	286,694

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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 (2022: none).

Staffing costs incurred relate to staff provided by a third party.

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

----- Start of picture text -----
Long Office Furniture IT Total
Leasehold Equipment & Fixtures Equipment
Property
Cost/Valuation £ £ £ £ £
Brought forward at 1 800,000 1,752 25,586 9,513 836,851
August 2022
Additions - - - 288 288
Revaluations - - - - -
Disposals - - - - -
Closing Balance at
31 July 2023 800,000 1,752 25,586 9,801 837,139
Depreciation
Brought forward at 1 36,302 1,044 13,120 8,862 59,328
August 2022
Depreciation 7,920 250 3,656 360 12,186
Disposals - - - - -
Closing Balance at 31
July 2023 44,222 1,294 16,776 9,222 71,514
Net Book Value
At 31 July 2022 763,698 708 12,466 651 777,523
At 31 July 2023 755,778 458 8,810 579 765,625
----- End of picture text -----

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 S106 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.

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

STOREY’S FIELD COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings	59	53
Trade debtors	9,100	11,919
Other debtors	350	9,857
Prepayments	5,574	5,087
	15,083	26,916

Trade debtors includes a provision for bad debt of £7,631 (2022: £3,171)

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

	2023	2022
	£	£
Amount owed to group undertakings	9,394	16,207
Deferred income	5,971	967
Accruals	100,300	85,148
Other creditors	24,059	19,154
	139,724	121,476

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	Other Non-	Total
	Funds		distributable
			Reserve
	£	£	£	£
Opening Balance	(950,462)	763,698	895,000	708,236
1 August 2022
Surplus in period	16,496	-	-	16,496
Transfer	7,920	(7,920)	-	-
Drawdown	ee
	(926,046)	755,778	895,000	724,732

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

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DocuSign Envelope ID: EZSAEAOEA-2CF1-4AF3-AF95-FA872021A6B6

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 Chancellor, Masters and Scholars of the University of Cambridge, which is the parent of the smallest and largest group of undertakings to consolidate these financial statements. Copies of The Chancellor, Masters and Scholars 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.

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