REGERED COMPANY NUMBER: 09276749 {Engl*Dd aDd W4les) REGISTERED CHARITY NUMBER: 1161812 REPORT OF THE TRUSTEES AI¥D FINANCIAL sfATEMENfs FOR ThE YEAR ENDED 31 DECEMBER 2024 FOR sroNEGROVE COMMUNrrY TRUST (A COMPANY LIMrrED BY GUARANTEE) Prestons & Jacksons Partnership LLP 364- 368 Cranbrook Road Ilford IG2 6HY
STONEGROVF COMMUNrrY TRUST coENTs OF THE FTNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Plie Referett¢e illd Admlnistrative Det•1 DA Note fn)m our Chirm Report ofthe Trnitees Itsdtpettdent ExAmlDer'• Report Statement of FiDmclal Adlvllks BlaD¢e Sheet 10 to 11 No¢es to th¢ FID•n¢hl Statemellts 12 to 20 D¢tiled Sitement of Fl•*D¢lal A¢dvltl 21 to 22
STONEGROVE cOMMUy TRUST REFERENCE AND ADMINISTRATTVE DETATLS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees, who are also Dir¢¢tors under ¢ompony law. whD served during the year ofthcse accounts and up to th¢ dats of this r¢port were &8 follows.. Graeme Davidson- Chair Burhan Barlas - TT¢asiir¢r Gilad Y¢huda Limor Rev. Simon Rea Deen& Monica Kusi Lucy Wak¢ley Dipika T4nna- {resign¢d 18ih November 2025) Luke Levine Jeremy Daudin- (resigned 17th November 2025) Leena Malde {appointed Isl April 2025) Justyna Bedowska (aprx)inled 1st April 2025) Olulomiwa Ok¢ (appointed 20th June 2023, resigned 6th Febnwy 2Q25) Shadeen Lawrence (appointed 9th July 2023. resigned 21st Febnwy 2024) Company Se¢retry Dd Cblef Exttllifve Offker Gus Alston REGISTERED OFFICE OneOney0Ve S HAylin8 Way Edgware HA8 8BN REGltiTERED COMPANY NUMBER 09276749 (England and Wales) REGISTERED CHARrrY NUMBER 1161812 INDKPENDENT F,XAMtNER Preon5 & Jacksons Partnership LLP 364 - 368 Cranbrook Road Ilford IG2 6HY c(Perative b8nk p.l.c. P.O.Box 101 l Balloon Street Mancbesier M60 4EP Page I
STONEGROVE COMMUNTTY TRUST OA NOTE FROM OUR CHAIILMAN FOR THE YEAR ENDED 31 DECEMBER 2024 When I look back on 2024, the word ihal keeps coming to mind is "Tesilience.. Lets be frank: this was a tough year. Th¢ fundraising climate w&$ challenging for everyone. and we were no exception. At the same time. the cost-of-living crisi5 Wlltinued to put immense pressure ol) the very community wcY¢ here to serye. It would have been easy to just ty and keep our heads above water. Bul our l¢am didnl just cope" thcy #dapted, innovated and deliver¢d. incredibly proud of what we've a¢hi¢v¢d. Two things stand out for me. First. we future%Jrwfed our building by installing the largest clwity-owned solar panel array in LoThlon. This is a genuine gamewchangeT, sl&%hing our rnnning costs and underlining our commitment io sustsinability. Ifs a m&85ive. tsngible wiffj and our CEO rightly won an award fol making il happen. Second. we got even smarter with our biggest &sset'. the OneSione8rove c¢ntre. We've worked hard io grow our earned income-renting out offices. the nursery, atMI our community spaces. This joumey towards a 500A eamed-income model is vital. IVS nor about becoming commercial; its aboui building a stable foundation so w¢ can keep delivering our ¢haritable worL year in and year oul regardless of the whims of grani funding. Of course, the mission is what ifs a]1 about. I was $0 impressed by the team¥ ¢Teative thinking to PTole¢t our older p¢ople's activities. By adapting the model. using our brilliant volunteers and multi-talentrd smff, w¢ made the program more sustainable and kept the community connection srron& We're not ioring ihe challenges. Risin8 costs porti¢ularly for staffin& are a nstant pressure. And w¢ felt the gap left by the mandatory break in our main youth club fundin& though wee already working hard on the application to bring it back in 2025. The realiiy is that many in our community are siill struggling. The foodbank at our centre is busier than ever, and our team is often the first port of call for people in crisis. This is ihe difficult balancing act of community Work: meeting urgent. immediale need while also butlding the long-lemi, positive chang¢ everyone deserves. We enter 2025 ¢lear<yed about the pressures. but nfIdent in our model. We have a fantastic team. a building th&t's working harder for than ever before. and a ¢lear plan. Thank you to all our staff. volunt¢ers, funders, and partners who continue to believe I and invest it4 stone0Ve. Graeme D*vldJoD Chalr of Trustees Page 2
STONEGROVE COMMUNfTY TRUST REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The tsuMees who are also directors of the charity for the puryw of the Companies Act 2006. PTesent their report wilh the financial statements of the charity for the year ended 31 December 2024. The trustees have adopi¢d th¢ provision5 Qf Accounting Rewrting by Charities.. Statement of R¢¢omm¢nded Pra¢tic¢ applicable to charilies preparing their accounts in accoTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). ObJecllveJ Dd Actlvltles The Company's objects are Specifi)Y restricted to the followin& To further or bexefii the Sidents of the Area of BenefiL withoth distinction of se& sexual orienla¢ion. race. or of politic, religious or oiher opinions by &550ciaiing togeiher the sayd residents and the local auihorilies, volunlory al other organisauons in a common eftort io advanc¢ edu¢ation ond to provide l#ciliti¢s in the interests of SlKial welfare for recreation and leisure time 0uPation with the objeciive of improvinfjs the conditions of Itfe for the residents. In further8¢ of the$c objects but nol oih¢nvis¢. the Directors shall have the power to establish or secure the establishment of a community centre and io maintain or m8na8e or COvopera with any statutory authority in the maintenance and management of such a centre for acliviiies promoted by ihe Company in furtherance of the above Objects. Publ1¢ Benefit The tNstees confinned thai they have had Tegard lo the Charity commissio guide on public benefil. Page 3
STONEGROVE COMMUNITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR EYDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE 2024: A Yur of Resiliellce lDDovation 2024 w&s a year that tested resilience. We faced significant fundraising chailenges Lch required us to adapt and. in some ar. redu¢e our activities. However, this report highlights a story of proactive adaptation and strat¢gi¢ success. We are immensely proud of how we not onty weathered these challenges also made significant strides in our long-terni fina181 and environmenlal sustainability. The wntinued growth of the Onestonegrove centre as a thriving community hub is a leslament to the hard work ofouT team and ihc strenuh of our community. A Landmark ID Environmeo¢•l & Fix•nel#l Sllstlnblllty A landmark achievement for 2024 the completion of our solar panel insrollation. In the autumn. we switched on the largest charity-owned solar panel arrny in London. This project has had an immediate and incredible impacL dramatically reducing our ener&v costs and our ¢atbon foolprinL This fl8&8hip project led to our CEO receiving the ldOn ECO Community Champion Aw8TIL bringing welcome recognilion to the Trust. ()Jr oiher green initiatives aiso continued to flourish. The communiry garden and orchard have becom¢ beautiful. well-wd spaces, engaging moTe local residents than ev¢r and fostering a real Se$t of pride in ihe estate. Our popular recycling poinls, which we nm at nil cost. continue to serve the Community-with ow prinler cartridge rwclin8 even genernting a small income. BulMln8 Our FlnD¢lal R¢•ilieDce: Earmed IDeom¢ With the financial landscape lightenin& we iniemifi¢d our roc$ on boosting earned income. Our primary en8ine for this is the smart monagernent of the OneStone8rove centye. We now work wilh seven different referral partners. bringing in a diverse range of bookings from groups and individuals who might noi have found us othetivise. We successfully leased our two offices throughoui Ihe period and. in 2024. renewed the lease for the on-site nursery. securing a key partn¢r. Our long-tenn goal is lo have our operations fimded by approximately 50% earned income, and we are nkIng excellent prowgs. Beyond the Centre. our CEO and Operations Manager compleknl smail-scale consultancy projects for Bamet Council and another charity. This work not. only cre81ed significant social value but al$0 Benerated unrestricted income to be rcinvested directly back into our core mission. This progress is essenii81 we face a difficult financial climate. Costs continue to Efow Tapidly. The 2025 London Living Wage increase. for exomple. will contribute to a 23.65Y• rise over ju$1 three years. This. ombined with higher National Insurance. means our lffiftg ¢osts are in¢re8sing far more quickly than we ¢an increase our prices. Our Core Mission: Adapting and Thriving Older People We are particularly proud of how we protethed our vitsl older people's club. We adapted the mod¢l to make it more sustainable. running il through a combination of incr¢4sed Volunteer support and the dedicated time of our committed Duty Managers. This had a FX)werful double benefit: it secured ihe future of the activities by d¢cr¢asing costs, and it provided meaningful. ¢ngaging work for ow Duty Managers. boosting job satisfxtion and produ¢tivity. Even we attract new funding to thi5 work. w¢ Are retaining the core strengths of this successful new model. Cbildren, Young People & Fmilies Our partner-led early years activities c4)ntinued to thrive. with demand growing throughout the year. Page 4
STONEGROVE COMMUNITY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 We experienced a setback when our main youth club ended in late 2024 due to a mandatory gap required by the funder. This has left a Signifilt gap in lo] provision. We are now preparing lo submit a new application for a full relaunch of this crucia] project in 2025. Our CommuDIty: Str¢ngih •Dd Struggle It is incredible to rea]ise that the Onestonegrove centre only i)pened in 2016. In our short hIory, we have moved through many phases.. from initial setup and growth. through the COV[[19 pandemit, and now into a persistent cost•of-IiviDg crisis. For many in our cornmunity, life has not improved. We may talk about the crisis less, bth lower infl&lion doesn't mean prices are fallingaonly that they are rising less quickly. For residents on fed incomes or benefits. their purch]ng power has been r&lica]ly reduced. The number of people coming to U5 in acute crisis is *$ hi Is ii Iw ever been. The foodbank run by St Petels ¢hur¢h at our ¢enlr¢ is a lifeline for many, with a core group of residents dependent on it every week. This places a heavy burden on our staff team as they strive to meet this ovenvhelming need. lkn desire is always to focus on the strengths within our community and to be part of creatin8 Systemic. positive change. However. we must first address the immediate, critical needs our community members face. Our slrategy moving forward is to do l)oth. We will continue to grow OUT e8rned income to build a resilient b&se, while seeking the support of funders who share our vision. This twin-lrack approa¢h is the only way we can continue to meet the crisis needs of today while building the stronger. more Tesilient cornrnunity of tomorrow. GovernD)ent Fllndlni Under charity accounting rules. we disclose all nati(1 or I)] government funding received during thc financial year. In 2024. we received the following.. - £22,018 from the GLA'S London Community Energy Fund. - £2300 from Barnd Council. WSth GrAtltllde to Our FuDders & Partllers We are deeply graieful io ihe many funders and paitlers who supported our work in 2024, either direclly or by working with us to siipport the local Community". - The National Lottery Conununity Fund - John Lyons Charity - Garfield Weston - Barn Council - City Bridge Trust - Young Barnet Foundation - Jack Pei¢hey Foundation - Our Yard at Clitterhou5e Fami - Community Organisers Inclusion Barnel - Barn¢l Together - Volunteering Barnet St PeteS Church - Barnet Food Hub - Little Leaders Nursery - FUSE Youth Project First Port Pag¢ 5
STONEGROVE COMMUNrrY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3] DECEMBER 2024 - Barnet Homes - Bam¢t Walking Football Tea - Peabody - Ston¢grov¢ Estates Youth Project - Bnet Coun¢il Early Help Hub I19 - Mother lo Moth¢r Saracens Foundation - Narcotics Anonymous ..and many morel FtNANCIAL REVIEW Reserves Policy The latest r¢s¢rves policy was agreed October 2022 as follow5. SCT requircs reserve fund5. $0 as we can cope with wiforesttn events. contin8en¢ie& aThJ opportunities. Our )Iicy is to have free reserves thai are equal to between three and fiv¢ months, revenue expenditure. Based on ¢urr¢ni 2024 financial forec&st ihis would mean holding berween £IIK).1100 & £170.IMKI of free reseTves.We h8ve estimated this on 2024 expenditure. minw8 the costs of the solar panel projeci. Our ¢urren¢ free r¢s¢rves ai the end of 2024 are £48,489. We are currently working io a model wh¢r¢ w¢ &qn genernie a surplu5 Without chariiable in¢om¢. This cautious approa¢h prioritis¢s increasing reserves steadily again over the nex¢ 3-5 years.. STRUCTURE, GOVERNANCE AND MAI¥AGEMENT GovernlDg do¢ument The charity is controlled by its governing documenL the Memorandum and Articles of As50¢i41ion and conslitules a limited wmpanyy limited by guarantee. as defined by the Companies A¢t 2006. The charity h&ry at this time eleven Trustees. There is also a Finance subwup. who meet in advance of each thjsiee m¢¢tin8 where required, io consider budgets, management Cou1)ts other material financial DWter4 and to advise the wider trustee board. All Trustees except Stakehold¢r appointed TTus*e& on¢¢ eleaed 5eFve a thryear terni. After this th¢y can stand for one further three-year terni. and th¢n in exceptio7] CIrMSt9C gTrJ with full board approva] for third and final ihree-year terni. After much work in recent years our trustee board now h&s good diver8iry across more arw. W¢ have however had quite fasi iurnover of Residenl ttee$ dues to people moving home, and at the point of moving no longer being eligible for continue &s a Resident trustee. As we write thi5 we w¢ embarking on another round of trustee recruilmenL within which we will rAirLsid¢r the diversily of our applicants. alonsside of ours¢ their skills and expeTience. All Trustees give their time voluntsrily and Teceive no benefits from the ¢harity. Any expense5 reclaimed from the charity are set out in note 6 the acwunts. The CEO Gus Alston (appointed December 2018) continues in his role. Day to day responsibility foT finance and administration. volunteer and staff managemenL sile and s¢rvice provision, capital and revenue grant applicotion5 and attendant Mpliance and monitoring arrangements aff delegated to the CEO. Page 6
sroNEGROVE commu TRUST REPORT OF THE TRUSTEES Recruitment nd appoin¢m¢nt of Aeiv trustees Our TrAetnoraDdum and Articles statss thAt we must LYM5idcr the following rulSum]r¢ WIKD Stle¢tilJ8 l) Ry of skilL8 acro the brrfrd a¥ a whol 2) Board representativ¢ of the diversty of the area of beaefft. 3) Resident Trustees ¢8n be 4)poioted fortwo t¢rnJ8 of three Ye wthich thry must stry down for at least a year beforo se¢king r¢-APintMettt. 4) Totsl maximum numba3 forthe Tru8tee board arn 13, ¢on¥istin8 of: ) Seven resident TTUStees. b) Three stskebolder pInted Trustees. ¢) Thr¢¢ oFopl¢d Trustces. 5) Thére are 4)&¢tsg for ¥takehDldw appoiDtsJ Tn. Ono will be appiDted from.. a) St PètsFg Church. b) Barnet Council. ¢) P¢Atx)dy. Currently th¢ TTUSte¢ board CODsists of eleven Trnstees. Six re$ident Tnw two k¢hold$r appointsj, and threè ¢•. We currently have Sp for ono R05ident TNst¢¢. We bive no Peabody StakeJLoldgr Truste¢ at present, as Peab)dy do not wish to Dorninth anyone to our board kn ropr&wnt them. Pftrtserj In ordcr to achleve our ¢haritys miu10 we work in partnership with a number of crth¢r I] org8nistilii)ns. Those include St Peterfs Church, Ed8Tr7re & H¢ndon Roforni Synagogue, Age UK Born¢L Barnet Coun¢iL Young Barnot Foundthtio Incluaion Barnet Tor, Mot1 to Moth¢r, Littlo iA&ders ond many orn. We pArti¢ipate in and n10th1 memirship of various lo¢ftl and natiomj tnfra81Th¢ture org8DiJation8 and fonmij. to keop up to date with changes and ¢hallenge4 attd to incrnse our influence ADd Impact bryond the10¢81 area. These include tho AS814110 of Chief knutiveo of Voluntsry Or8•nisatl, Young Bamet Foundation and the Barn¢t Referw Iko4J. Rljk Mangement Th¢ mAjor risks to which th# Charity is exposed 8rc¥ regul2rly reviewed by the ThJsteB4 and systalls establish to mitigate th05e risks. A fllwicia] plicy is in pl•c¢ whtch allows frK irjternal a¢wuntability, fina181 foTe¢ogting and reportin8 prOd¢S. Prowluru in place to ensure Compliance with hoAIth and Mfdy Lx)D)pliaDc• and to deal with ¢omplaints. In athlition. there are policioy gov¢ming the safe8dIng of childrell and vulDerable adults, staff and volunteers. Policies are reviewed Jrgularly to ¢n8w¢ they are compliant with current logiglation and accuratsly roflect the a1vItieS of the charity. Approvwl by order of the of truste¢s on.i.S .1Q¥.¢h..x..A........ •nd sigmed its behalf by: Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STONEGROVE COMMUMTY TRUST IndepeDdent eumitter'j report to the trusteu of StODegrove Community Trust fthe Con)pany') I report io the ¢harity trusiees on my examination of the accounts of the Company for the year ended 31 December 2024. Responslbllldej •Dd hJls of reJx)rt As the charitys truslees of the Company (and also Tts dire¢¢0 for the PUTPOS¢S of company law) you are responsibl¢ for the prepar*ion of the accowits in acrdanCe with the requiT¢ments of the Companies Art 2006 Ilhe 2006 Acl,). Having satisfied myself that the a¢¢ounts of the Company Are not required to be audited under Part 16 of the 2006 Acl and are eligible for independ¢nt examinatio l Fepon in respect of my examination of your charitys accounts caTried out under Section 145 of the Charities Aci 2011 (Ihe 2011 ACV). In cwing out my examination I have follow¢d ihe DireciioAs given by the Charity Conunission under Section 145(5) (b) of the 201 l Act. JndepeDdent tMIner'S st#tement Since your charity's gross income exceeded £25O.000 your examiner must be a member of a listrd body. I cgn confirni thai l am qualified to undertake the exwnination because l am a member of the Instilul¢ or Chartered Accountants in En8iAnd and Wales. which is one of the listed bodies. I have completed my examination. I confirn] that no matters hav¢ wne io my attention in connection with the examtnation givin8 me cause to b¢lieve: accounting Tecords were not kepl in resp¢ct of the Company as required by Section 386 of the 2006 the accounts do nol &Crd wlth those r¢cords; or the accounts do not Comply with the accounting requirements of Secliiin 396 of the 2006 Act other than any requirement the accounts give & true fair view which is J)ot a matter considered as part of an independent examination. or the accounts have not been w¢pared in accordance with the methods and principle$ of lh¢ Stalemcnl of Recommended Praclice for accounting and reporting by charities {applicabl¢ to charities preparin8 their accounts in hccordon¢e with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no nCerS and have come across no other matters ID conneciion with the examination to whi¢h attention should Ix drawn in this report in order to enable a proper underst9mding of th¢ awounts lo be reached. Anwer Pat¢1 BA(Hons). BFP, FCA Presions & Jacksons Partnership LLP 364 - 368 Cranbrook Road Ilford Essex IG2 6HY Page 8
STONEGROVE COMMU1ry TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EFIDED 31 DECEMBER 2024 31.1224 Total funds 31.12.23 Totsl funds Unr¢5tricted Restricted funds fid Notes INCOME FROM Donalions and legA¢ies 21600 138057 163,457 219.270 Other ChaTitable tncome 242381 338 242,619 236,408 Totll 266J81 139,J95 406,076 455,678 EXPENDITURE ON Cb8rlt*ble aetlvitles Community Centre Management Support Costs lo922 17AA76 385,698 9.580 443,201 45,823 To¢#1 219.102 17&176 395278 489.024 NET TNCOMEI(EXPENDITURE) Tr•nsf¢rs b¢¢ween funds 47,779 (31,841) (3&981) 31,841 10,798 (33,346) 13 Net mov¢m¢nt th fund• 15,938 (S140) 10,798 (33,346) RECONCILIATION OF FUNDS Total funds brought forwwd 2,054,758 9J08 2.1)64.066 2,097,412 TOTAL FUNDS CARRIED FORWARD 2,070,696 4L168 2.074,864 2.064.066 The notes fomi part of these f]nancial 5taternents Page 9
STONEGROVE cOM[UNTry TRUST BALANCE SHEET 31 DECENIBER 2024 31.12.24 31.12.23 Notes FIXED ASSETS Tangible assets 2.024,774 1,943,831 CURRE ASSETS Debior$ Cash ai bank and in hand io 62,2S2 15,424 64,777 71,442 77,676 136,219 CREDrroRS Amounts falling due within ofte year (27,586} {15.984) NET CURRFNT ASSETS 50,090 120235 TOTAL ASSETS LESS CURRENT LIABILITIES 2,074 2.064.066 NET ASSETS 2,074864 2.064,066 FUNDS Unrestricted funds: General fund Sinking fund 13 2,070,696 2.041,472 13.286 2.0711696 2,054,758 Restricted funds: Restricted Funds 4168 9J08 TOTAL FUNDS 2,074J64 2,064,066 The charitable company is entitled to exemption from a11¢ under Section 477 of the Companies A¢t 2006 foi the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial ststements for the year ended 31 December 2024 in accordance with Section 476 of the Companie5 Ath 21)06. The notes fonn part of these fll)ancial statcments Page 10 continued...
STONEGROVE cOMMUy TRUST BALANCE SHEET. eontiDued 31 DECEMBER 2024 The trustees acknowledge their responsibilities for (a) ensurillg that the charitable company kws acLwntin8 reo)rds th&t comply with tiOnS 386 and 387 of the Cornpanies Act 2006 and (b) prnpllriD8 fin8n¢i81 gt&terne4rts Ykni¢h gyve a true and fair vi¢w of the stat¢ of affairs of the ¢haritsble ¢ompatry &$ at the of fllwicial year and of Its sury¥lus or deficit for eacb fuJaDciaJ year in aordanCe with the requirements of S¢¢tions 394 and 395 and which otherwis& compty with th¢ requir¢m¢nts of the compani Act 2006 r•tating to fjnancial stst8m¢nt4 so far 85 applicable to the charitabh comp4ny. These fllwiciil 8tatements have ien ryepArl in a¢cordaneA with tho provi8ion8 applieabh to charitable oompanie5 subJt to the all r¢wie. The fmAnC1 statemts wer¢ approved by th¢ Board of TnJ#ec4 and wthoriwj for issue on .13...K..lG......., and were siwKd on its belwtf ty. The notes forni part of these finati statements Page 11
STONEGROVE COMMum TRUST NOTES TO THE FINANCL4L ATMEs FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNllNG POLICILS Basts of preparhg the fimancknl itslem¢nts The firwicial stalements of the ¢haTitsble company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)'Accounting and Reporting by Charities: Statemeni of Re¢on]meTrJed PtiCe applicable to chaTities PTeparing their accounts in a¢¢or<f8nc¢ with the Financial ReFK)rting StsDJard applithl¢ in the UK and Republic of Ireland (FRS 102) (effeclive l January 2019),, Financial Reprting Standard 102'The Finan¢ial Reporting Standard appli¢abl¢ in the UK and Republi¢ of Ireland, and thc Companies 2006. The finJn¢iai ststements have been prepared under the histOriC41 ciffl convention. In¢ome All in¢otn¢ is recognised in the Slalement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will bt received and the amount can b¢ m¢&sured reliably. This include rental income. leased income, Community TnLSt Deed incotne and other incomes. All Ancojnes are on a receiv4bl¢ buis. Expethdlture Liabilitie5 are reco)1$¢d 48 expendiftire as soon as there is a le OT con51nve obligaiion committing ihe charity to that expenditure. it is probable that a transfer of economic b¢n¢fits will be required in settlement and the amourti of the obligation can be measured reliably. Expenditure is %Unted for on an accru41s b&8is and has been ¢1ossifi¢d uter htsJin85 thai aggregate all cost Teled to the category. Where costs ¢annot be directly anribuied io particular headings they have Ee¢n allocated io activities on a basis consistent with the u3e of sOUrces. Tinilble ftsed •wts Depreciation is provided al the followin8 annual rates sn ordLY to WTil¢ off assel over il$ estimated useful life. Freehold propety Planl and machinery Fixtures Ind fittin8S 1%on)St 4Y• on cost 33Yo on redu¢in8 balance Land is Th)t depreciated. Tangible fixed assets are slated at historical cost less accumulated depreciation and any accumulated impairni¢nt losses. HistOTical cost iKludes expenditure that is directly attTjbable lo bringin8 the set to the location and condition necessary for it to be capable of opernting in the manner intended by manag¢ment. The chaTity is exempt froD) ¢orporntion tsx on its chaTitable activiti¢5. Fund *ccouuting UnTeslTiCted funds can be used in accordance with the chaTitable objeaives at the discretion of the trusiees. Sinking Fund 15 maintai{ for major repairs of. or improvements to the building. Page 12 continued...
STONEGROVE COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENfs - tontinned FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLIC]ES- eoDtIDued Fund accounting Resiricted fimds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donoT or when funds are raised for particular restricted purposes. Further explanation of the nature and puryjose of each fimd is included in the notes to the financial statements. DONATIONS AND LEGACIES 31.12.24 31.12.23 Grants 163,457 219.270 Grants received, included in the above, are as follows: 31.12.24 31.12.23 P¢alM)Jy Community Fund The National Lottery Community Fund John Lyons Charity Garfield Weston Foundation Bamet Council Co-operative Foundation GLA London Community Energy Fund Morris Benefi¢eni Charity Young Barnet Foundation Gr¢at¢r London Authority Jack Petchey Foundation Shanly Foundation Charles Hayward Foutthtion CORB City Bridge Foundation Jubilee Fourtdalion New London AwhilKture Lid A3d8 Foundation Th¢ Morrisons Foundation The Warburtons Foundation Acciona Industrial CAF Edgware Town Centre Community FuTrJ FTr"CC Limited Gowling WLG (UK) Skipion Building Society 23,593 47,192 32.817 20.000 3,340 18,617 30,1M)O 2D,IH)O 2200 725 I,0 25,000 16,344 2,911 J,977 22,018 4.800 3.380 25,IXIO 400 1.598 7,995 3.000 10,000 500 163,457 219,270 Page 13 continued...
STONEGROVE COMMUNrrY TRUST NOTES TO THE FIW4ANCIAL STATEMENfs- Continued FOR TEtE YEAR ENDED 31 DECEMBER 2024 OTHER CHARrrABLE INCOME 31.12.24 31.12.23 Community Tntst Deed Lease Rent Service Charge Community Centre MonAgement Individual Giving 50,000 165J39 18.580 2,919 5,781 50,000 151.917 22,466 3,831 8.194 242,619 236.408 NET II¥COMEI(EXPENDITURE) Net income1(exldlture} is stated after ¢harginyJ(crcditin8): 31.12.24 31.12.23 Depreciation- owned oss¢15 Indepcnd¢nt Examiners Fees 25,522 2,41)D 21,963 2,400 TRUSTEES, REMUNERATION AIYD BENEFITS There were no trustees, remunernlion or other benefits for the year ended 31 December 2024 nor for the year ended 31 De¢¢mber 2023. Trwte¢J' expeDS Thw¢ were no trustees, expens¢$ paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS 31.12.24 31.12.23 Wages and salaries 21M,879 234.545 204,879 234,545 The average tnonthly number of employees during th¢ year was &$ follows: 31.12.24 io 31.12.23 Charitable Admin 12 No wnployees Teceived emoluments in exce55 of £60.(XIO. Page 14 continucd...
STONEGROVE COMMUNTFY TRUST NOTES TO THE FINANCIAL STATEMENfs . continued FOR THE YEAR ENDED 31 DECEMBER 2024 COMPARATtVFS FOR THE STATEMENT OF FINANCIAL AcfiviTIES 31 DECEMBER 2023 Unrcstrictcd Restricted funds fimd Total fund5 INCOME FROM Donations and legacies 52.138 167.132 219,270 Other Ch8ritAble Income 233.491 2.917 236.408 Tot1 285,629 170.049 455,678 EXPENDTfuRE ON Ch4rll4ble actlvlties Community Centre Management Support Costs 277.025 24.131 166,176 21,692 443.201 45.823 Toll 301.156 187.868 489.024 NET INCOMEJ(EXPENDITURE) (15.527) (17,819) (33,346> RECONCILIATION OF FUNDS Total funds brought fonvard 2,070,285 27.127 2.097,412 TOTAL FUNDS CARRIED FORWAI 2.054,758 9,308 2,064.066 KEY PERSONNEL MANAGEMENr Key Personnel Management comprises of the Board of Trustees. Page 15 continued...
STONEGROVE COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASss Fixtures Frcchold Plant and property machinery fittings Totals co At l January 2024 Addilions 2,100,000 150,788 2250,788 106865 106,465 At 31 December 2024 2,11)0,0 106,465 150,788 2J57253 DEPRECIATION At l January 2024 Charge for year 160,(M)O 20.( 146,957 1364 306,957 25,S22 4258 At 31 December 2024 180,(KIO 4258 14&221 332,479 NET BOOK VALUE Ai 31 December 2024 1920,(KJO 102207 27 2,024,774 At 31 Lkcember 2023 1,940,( 3,831 1.943.831 The freehold of ihc land and building is held by the London BoTOU8h of B4rnet. In 2016 a lease for 999 year lease was granted lo ihe London Diocese of the Church of England. and an underlease of 998 years was granted to the Stone0Ve Community TnL. representing 50D/o beneficial usage. 'fhe share of ihe Communiry Centre for Ih¢ charity was valued at £2.Imillion of the total value of the land and building. Lond and buildings were measured at fair value. 10. DEBTORS: AMoufATS FALLtNG DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors Other debtors Prepayments and a¢¢n*d income 58.4J3 99 3,740 52,845 6.886 5.046 62252 64.777 Page 16 Continued...
STONEGROVE COmMUm TRUST NOTES TO THE FINl"CIAL STATEMENfs . contillued FOR THE YEAR ENDED 31 DECEMBER 2024 11. CRFDrroRS: AMOUNTS FALLING DUE wmtlN ONE YEAR 31.1224 31.12.23 Trade creditors Other ¢reditor5 Accrued expenses 19,887 2.899 4,800 2,602 10,982 2.400 27W6 15,984 12. ANALYSIS OF GENERAL RESERVES General Reserves as ai 31 tkcember 2024 corL8iSt of: 31112r24 31112123 Fixed Assets R¢s¢rves Free General Reserves Sinking Fund 2.022207 48,489 1,940,000 101,472 13,286 Total GeD¢ral Reserv¢5 2,070,696 2,054,758 13. MOVEMENf IN FUNDS Net movement in funds Transfers between funds At 3111J24 At Iiir24 Unreitrlcted fun General fund Sinking fund 2.04&134 624 56,403 (8,624) (31841) 2.070,696 2.054,758 47.779 {31841) 2.070,696 Restrlcled fuDds Re*ricted Fund5 9W8 (36.981) 31.841 4.168 TOTAL FUNDS 2,064,066 10,798 2,074,864 Page 17 continued...
STONEGROVE COMMUNJTY TRUST NOTES TO THE FINNcIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2024 13. MOVEMENT I1¥ FUNDS- eontinued Net movement in fund5. included in the above are as follows: Incoming R¢sources Movement resourees expended in funds UnreJ¢rRtttd funds General fund Sinking fimd 266881 {210.478) (8,624) 5&403 (&624) 266,881 {219,102) 47,779 ReJ¢rl¢ied funds Res(ricted Funds 139.195 {176,176} 136981) TOTAL FU]s 40A076 (395278) 10,798 Compirntfvu for movem¢•¢ IA fllnds Net movcment in funds At 31112123 Ai Iiir23 UllreJtrJ¢ted fuDdJ General fund Sinking fid 2.056.999 13.286 (15,527) 2,041.472 13.286 2,070,285 (15.52D 2,054,758 Re8trlcied funds Restricted Funds 27.127 (17,819) 9,308 TOTAL FUNDS 2,097.412 (33.346) 2.064.066 Page 18 continued...
STONEGROVE COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENfs- ¢ontinn¢d FOR THE YEAR ENDED 31 DECEMBER 2024 13. MOVEMENT IN FUNDS- contimutd CompaTative net movement in fulld& included in the above arc as follows: Incoming RQur5 Movement resources expended in funds UDreitricted funds General fund 285.629 {301.156) (15.527) Rejtrleted fttnth Restricted Funds 170.049 (187.868) (17.819) TOTAL Iry)NDS 455,678 (489.024) (33,346) Ru¢ri¢ted Fullds Rtslri¢t¢d Thnds Is It 31 Deeember 2024 eoD#tst of: 31112r24 31112123 Community Organisin8 Projects- Nationa] Lottery Community Fund 9.308 Environmental Projects 168 Totsl Restricted Fundj 4,168 9.308 14. CONTINGENf UABILITIES The charity is currently in discussions with Barnel ¢ouncil atA)ut the lease of the buildin& As disclosed in note 8. the freehold of the land and building is held by Barnet council wilh a 999 year head lease to the London Disxesan Fund and a 998 year underlease having been granted to the Stonegrove Community Trust. In the p&5L the council has not asked for any amounts in respect of the lease of the buildin& However. recently the trustees bewne Aware Ihal th¢ ¢ouncil could &%k for limited rent for the use of the building. The charity h&$ &sked Barnet Council to clarify ils Position. The trustees do not believ¢ tha¢ it is probable thAt it will be &sked to settle thes¢ amounts ther¢for¢ a provision has not been recorded in the stalement of finarKial aclivitie5. Page 19 continued...
STONEGROVE COMMUNITY TRUST OTES TO THE FINANCIAL STATEMENtS . continued FOR THE YEAR ENDED 31 DECEMBER 2024 15. RELATED PARTY DISCLOSURLS There were rAO related party transactions for thc year ¢nded 31 December 2024. Page 20
STONEGROVE commuNT TRUST DETAILED STATEMENT OF FINANCIAL AcfIviTIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 INCOME Dontlons lega¢ks rants 163,457 219,270 Otber Chrl¢able Ineome Community Trust Deed Lease Rent Service Charge Community Centre M4na8¢ment Individual Giving 50,000 165J39 18580 2,919 5.781 50,000 151,917 22,466 3,831 8.194 242,619 236,408 Tot1 l¢omlD£ resour¢eJ 406,076 455.678 EXPENDITURE Ch#ritible Acdvltlei Rates Building Insurance T¢l¢phon¢ Postage and slalionery Markeiing and Promotion 14eating and Hot Water Cleaning Building Maintenance Community Activities St Peter'5 Contribulion Equipment Expensed Training and welfare Subscriptions Trav¢1 FTh)d Bank & Kitch¢n Cost Freehold Prop¢rty Depreciation Plant and machinery Fixtur¢s and bittings Deprecia 5N7 5,623 IJ03 S,04S 12,922 17,192 1,718 30,813 35,184 16008 160 338 858 2.832 5.739 3.S53 3.465 8,871 30,677 3,812 41,509 54.605 15.842 739 2,341 1,301 274 9,177 20.000 23819 20,000 4358 1364 1.963 183,654 206.7(M) Support ¢oJts Wage5 2(M079 234,545 Thts pa8e does not forni part ofthe statutory financial stst¢ments Page 21
STONEGROVE cOmNIUNf TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Management Finince Bank charges 63 other Volunteer Training a1 Expense 796 1.945 GoverD•D¢e costs Accountsncy and legal fees Independeni Examiners F¢es Financial maneMent Consultancy fees (2035) 2,400 3034 2J50 2.41)0 3.337 38.038 5949 45,771 Total resources CXwed 395278 489.024 Net IDcomellexpeDdltsr¢) 10,798 (33,346) This page does not forn) part of the 51atutory financial statements Page 22