Charlty registratlon number., 1162893 The Stone Foundation Annual Report and Flnand•l Statements foi the Year Ended 31 March 2024 Fleld Sulllv4n Ilmr(ed 9 Hare & Blllet Road 81ackheath London SE3 OBB
The Stone Foundation Contents Icontlnuedl Reference and AdmSnlstratlve Deta115 Trustees, Report 2toll Independent Examlner'$ REpurt 12to13 Staternent of Flnanclal ActIe$ 14 Balance Sheet Cash Flowstatement 16 Notes to the FlnarKlal Ststements 17to27
The Stone Foundatlon Ref¢rence and Admln15tratlve Delalls halrman Rob Morris Ylustees Rob Moirls Nicholas J4riold Jane Evans Liam Mackinder An¥ela Thomps 1162893 Charlty Re81stratlon Number Pilnclpal Offi¢¢ Sproughton Hou Spreu8hton Ipswlth Suffolk IP8 3AW IndÈpend•nt Exarnlner Fleld Sullfvan LlmSted 9 Hare & Billet Road Blackheath London SE3 OR8 04nker5 Llgyd$ Bank PIC 9 Butterm3rket 3ury St Edmuthds Suffolk IP33 IDF P#ge I
The Stone Foundatlon Trustee5' Report The Trustees presept thelr report alonE Wlth the finat)¢Sal statements of The Stone Foundatlon lor the 12-month perlod ended 31 March 2023. The Flnanclal Ststement5 have been prepared in acco¥dènce with the accounting g01icles set out on p4ges 12-14 and comp5y wlth Ihe Foundatlon's Con5tltutlon and appllcable13W. Strurture, Govemanc8 at)d Manaqemethi The Stonè Found8tlon Is a Charltablè Incorporated OrEani5ation ICIOI constituted on 28July 2015. Itls a reglstered ¢harlty no. 1162893 and the prlnclpal offlce can be found on the coThtents pale. The T¥us¢ee5 who have Served durinE the period and since the perlod end are set out In the Ilst below. All the Tiustees have been appolnted fora perlod of 3 years. Trustee5 aTrd oifT<ers The trustees and officers st(nE durln8 the year and slnce the yèar end We a5 follows.. Trustees.. Rob Morris Nlchol3s Jarrold lapp?Inied 27 JLrne 20241 Jan? Evans Llam M8¢klnder Angela ThornpsoTh Jean Poole Ires18ned 27June 20241 Chrls Poole Iresl6ned 27June 20241 Sam Poole Iresl@ned 27Ju#t 20241 Stephen Èroughton Ireslgned 27 June 20241 Cholmian.. Rob Morrls Where there Is a requlièmeni for new Trustees, thls would be Ideniiiied by the remainSnK Trustees. In selertlD8 Indlvldua15 for appolntment ès £harlty Tru$tees, the Trustees must have regard to the skllls. knowledge and e¥perlenee needed for theeffertive administration of thÈ CIO. The Trustees meet on a reEular basls Sn orderto Tevlew and •8ree major dec151on5 ènd monltorthe buslness plaTh. Thè role tsf the Board of Trustees Is prIncIlfytO'. ensure thatThe Stone Foundatlon has a clearvlsbn, mlssloTh, and strateglc dlre¢tion,' and monltor and support the ChlÈf Executive In order to achleve these oble¢t5ve5. The day-to-day runninq of the Charity isdele8ated by the Trustees to the Chf Executfve. The Truste and the CEO have a lolnt responSIlIty for IdentbfylnE and m3nagln8 the major rlsk% whlch are Ilkely to affect the long-term viability of the Charity. Page2
The Stono Foundation Trustees, Report Icontinued Rl$k ManaBement The Trustee5 have examlned the malor strate0 buslness, and opeyatlonal ilsk5 whlth the Foundation fares and Conflrm that Svstems have been established the fi)rm Of a Bugine5s Devélopment Plan. Regular reports aro prodUd for each 6card Meetin& 50 that such Tlsks are continuously monltored and tliat &ppropriaie sreps can be taken to lessen these r45k5. ObJectlve5 and Actlvlttes The oblectives DI the Foundation are to rèlieve the fFnanclal hardshlp of people who are In néed,15vlng In Essex, Norfolk. at)d Suffolk, throu&h thè provi51on ol housing and associated 5UPPOrt 5ervlce$. Oor key oblectlves be detalled as.. relieving homelessne5S. helping vulnerable Indlvlduals to access accommodation, which Includes our Tenancy Tralnln8 Course- Ready Stsady Rent,. and helping Indlvlduals and Lecal Houslng Authoritle5 by proYidlnE move.on accommodation from 5UPPOrted hDu5ing. Publlc Beneflt In meetlng the F¢und)tlon'$ objective5. the trustees confirm that they havÈ complled with the requlrements of section 17 of ihe Charltles A¢t 2011 to have due regafd to the publlc benefit guidance published by the Chartty ommlsslon lor England ènd Wales. Achlevernerbt$ and Performante The Stone Foundatlon Is re5pon55ble for the lease and full hDusing managemenl of twentyfl8ht pr¥portles, providinÈ 78 units of aceommoddtlot). Ourln8 the fln8nclal year we lost one property, a one-bedroom flat because the landlord re4ulred the property back for a famlly member. PtlDr to the year-end we became èware that a new lea51ng opportunltv 15 likely to bÈ of interèst to tJs-, a seven-bedroomed property. Thls leasè opportunlty Is progressing well. l ell8lble tenants are in receipt ol full Hou51ng Benefit, which meets Most of thelr rent and servlce th&rge5. We are ¢oThtliiuln8 to seek opporlunltles to acqtslre more propertles from a varSety of owners, Includlng prDpertie5 th3r require renov3tion and which can be brought back Into use for vulnerable/horneles5 people. We have 3150 kept in contact wlth some houslthg 3ssodatlons wh¢ may be looklng to dlspose of propertles that do not meet the hl8her stsndard5 of energy efflclency qUIred by thÈ housing regulator. However, the current market economy of hlgh demand f rental propÈrties aBd slgnlllcant Increèses In mort8a8o rates, owners can achleve grivate rents slgniflcantly hl8her than thè Loc)1 Authority Allowance level that we can offer Bnd therefore, are less Incllned to lease propertles to the Stone, desplte the èdvantages we offer particularly regardlng rÈ8ular m2inlenance of the property ett. Page3
The Sione Foundatlon Trustees, Report Icontlnued Followlng on from the new CEO'S vlslon regardifig the Improvement and acce551blllty of the pre-tenènty tralnln81 m3ny chan8es were made to the format and dellvery ot the tralnln& We then decided on a relaunch, whlch has beon successful. The CEO enga8ed wlth 311 Suffolk local authoritles to engage thern all In a pllot and wa5 5tsccessful in receiving fundlng to re£ru5t someone 5ultable to further develop the ceutse and dellver the tralning and between them they hav8 reUlted flve velunteers to asslst. We are happy ro rep4rt that we began worklng wlth four local 3Uthorltles starring at the end of September 2023 and one houslng asso¢lati¢n duTln8 the finan¢ial year
nd the feedback to date has been incredlbly posltlve. We have 5i8ned Service Level A8reements wlth all to rut) a
number of Reaty Steady Rent ¢ourses ¢vei the next 12 months. for whlch we will be receiving payment. A$str5$1h8 Sycom Our success 1$ meured on the one hand by the siie of our portfollo. octupancy rates and rnarglns on propertles. Occupancy levels durlng thls finaJ)clal year have Intreased on last year. We opened a new project sn Lowe5toft, lo-bed fatiiity and welcorned the first tenant In May 2022. Slnce then, we have gradually Increased tenant numbers. at the year-end Lowestoft housed B tenants and at year-end our occupancy levels were hlgh at 93%. In Ilne wtth ojjr Buslnes5 Development Plan, we aint to have all properties 8Q-85% o¢tupled. Below is some Information relatltt8 to aEcup4ncy atvarlous prolects Oct 23- March 24. fraphsto showthe weekly otcupatlon of oursupported Hou51n8 PioSeds b•tweqn Oct 23. March 24 Gippeswyk Rd weekly occupation (ln percentage) Oct 23 Mar 24 loo 90 60 70 60 50 40 30 20 io 1 2 3 4 5 7 8 9 I0L112131415161718192021222324252627 Page 4
The stone Foundatloh Tru5tses' Report Icontlnuedl Hatfield Rd weekly occupation (in percèntage) Oct 23 24 loo $0 80 70 60 50 40 30 20 io 1 2 3 4 5 6 7 8 9 1011121314151617L9192021222J24252627 Foxhall rd weekly occupation {in percentage) Oct 23-Mar 24 loo 90 80 70 60 50 40 30 20 io 1 2 3 4 5 6 7 8 9 10111213141516L718L5202L222324252627 Page 5
The Stone Foundatlo Trustee5' Report (contlnuedl Combs weekly occupation lin percentage) Oct 23 Mar 24 loo 90 80 70 60 50 40 30 20 ID 1 2 3 4 5 6 7 8 9 101112131415L61718192021222324252627 Lowestoft weekly occupation lin percentage) Oct 23 Mar 24 loo 90 eo 70 60 50 20 io 1 2 3 4 5 6 7 6 9 101112131415161718192ts21222324252627 'Y¢u wmlnote thot themlsno qMphlor5udbury. Thlsls be(cu5e Sudburyhvd10056 ocrupon¢y b#ttveen Oct24- Mor24 Page 6
The Slone Foundatlon Trustees, Réport Icontinued) The crlterla for 8sses51n8 success for our Ready Steady Rent courses are In respect tsf numbews of attendee5 whc 5uccessfu11y complete the training aftd the user per¢eived outcomes of the tralnln8. 06s¢usslons •nd seN(¢e level agreements th local authtsritle5 were o priorlty for the current CEO on hÈrarrlval so we set aboUtwOrn In partner5hlp to dellver our eXllen1 traSnln8 courses across ourlocal •rea. So far, we have dellvered 17 courses wlth a further 20 scheduled. We have hosted a serles ¢f l..1 coursÈ5 to peDple wlth 8ddlctions and è hlstory of offending and rough sleeplng, small ¥roups of new tenants and 13rge groups of 18-21-year-dds In $upported ac¢ornmodatk>n, lotsklng forward to rnove-on opportunltSes. FÈ¢dkntk todttteslnce thefelutsnch- Whatdldyou ¢nloymWt #boutthe RSRcoursÉP e refre5hments- "It was a really useful course and a blB th8nks to the tralner who m8de It very informatlve and easy to d181 las well as the snacks provldedr "lienantl wis very happywRh yesterda 'DId you work your magjc ègalnv hankyou foreverythingyou dld helpln8 rne sort my b1115 OU 'It has helped me to hove a Ehal as I haven't had a chatfor age 90% of respondents sald they had left haYln8 learned sométhlng they djd not know before. 90% of respoThdent5 sald they enjoyed the course and would rerommend Itto afrlend. Prln¢lpal Rtsks The maln rSsk to the Foundatlon 1$ a rethJdloTh In over311 ocrupanry rates. Th5s Is mitlgated throuBh varlous preres5e5 and procedure5 includlng regular property in5pectlons and ImmÈdiate action tem75 of tenant n¢8lect or damage to ensure servl¢e user $atlsfactlon and to reduce vL¥ld tlmes because ol repalrs hang to be undertzken. A tlcketlnB 5VStem for maintenance allows for tlmely rep81r and r¢furblshment works at the end of tenancy, agaln to ¥educe void tl%ne5. P88e 7
The Slone Foundatlon Trustees, Report l¢ontlnued Prlor to obtainlng addltlonal prOPere5, research Is conducred to ensu there 15 demand for the serv1. Tenancy trHlnlTrg alms to increase tenants. understandln8 01 the responslbllltles of m2na8lng a tenancy, which in tum alms to minlmise the rlsk ol evicLion. All tenant5 tnt)vinB inio our communlty f13ts are encouraged to aitend thetralnlng. DÈtlsl•#$ Malordedslon5 are d15cwed and agreed on at bDèrd meetln8s whl¢h tske place every 6 weeks andlorvla emall. InductlonTralnlngofTrustees The procp55 for Indurtlng Trustees Is slmple and stralghtforward. The CEO and Chalr wlll provlde a br*f on thp ¢r8anisation, board functlon and meetln85 and the expected role of the Indlvldual ¢onc¢rned. Trustees recelve the Charity Commission's Gulde-"The Essential Trustet... copy ol the Constitution. preouS mlnutes and any other relevant Informatlon. The prospectfve Trustee Is inwted to a board meetinE in an observer capaclty to meet the otherTrustee5, and vlce ¥ersa. Fund Ralslng The Foundatlon does not have an offlcSal fund ralspr- thls is part of the role of the CEO. who wlll seek approprlate fun&8ivin8 bodies Ind SblI bids. Trustee5 Opt to r3lse fut)ds Indlvldually Qr SUEÉest fund ralslna siiate8les as part of their Tole on the b08rd. The Foundatlon subscribe5 to gnt aidinE or¥anisations such as The Glvlng Maehlne, Vlr8ln and Easy Fundraisin& whlch offer a wlder target audlenee. Durlng thè finantlèl year, we were SUC$sful In gettlng grarst fundltt8 from 3 organlsatlon5. Thi5 grant lundln8 totaled Èll,100.. £6.716 was utSllsed In Z3124 for the runnlng of Ready Steady Rent, the remalnlng £4,3B4 wlll be carried forward to 24125. Flnan¢lg1 R¢eW For the y23r ended 31 March 2024. the Foundatlon made a surplu5 Of £122,450, an Increase of £94.218 on the previous year. Thls Is on 8r055 income of £883,682 Iye8r ended 31 March 2023 £740.1831. On 31 March 2024 tho Foundat5on held unre5tr1cted reNe$ totalln8 £189,945 lon 31 March 2023 £72.6191. Totsl rental Income for the year was £840.827 (year ended 31 Marth 2023 £695.9761. The spllt Dn thls Is approxlmately 91%19% housln8 beneflt/tenant contrlbution. The prDpErty-related c95t5 for the Founditlon are for the most part flxed In relatlon to Its capaclty to rent accommodatlon. For the perlod In questlon. the main provider of propertles wa5 the Mavam Group who provlded elahteen properties e4uatlng to 68 units, wlth the balance of 10 propertle5, providlng 10 tJnlt5, rented from other prlvate landlords. ReseNes Poll<v The current kvel of fundlngls cansldered adequate to meet most of the Found3tioTh's alms ènd objectives. There are no hard ar¢d fast rules regardlng mlnlmum and rnaxlmum amounts that should be held In re5erve4 but Yhe Stono Foundation Trustees have an agreed buslness plari to athlève c. E120.000. ThÈ Foundatlon's rnaln rlsk of reduced Income relatos to hl8h vold leve15 Ilow cccupancyl. Forecasts currently base txtupanty levels at t.95%, whh provides a SuFu5 and thus Brows reserves. We a150 had some on8olng uncertalnty around utiiitylfuel costs nd have made SDme thanges to our rents and servlce char8es 8olng foiward to protect us frorn such ffuciuatlons. We are pleased to Say thatthls has been ad)leved. Pa8e8
The Stone Foundatlon Trustees, Report {¢ontlnued) TSF rÈEu13rty seek grant lunthne for dellvertng Ready Steady Rent- tenanty tralnln81sustalnrnent courses. a donorglves TSF money In # way that specifies how that Should be spent TSF are dvty bound to spend itforthot purpose. Those reserve5 are Iherefore restrlcted for that purpose. Any income that we r2ceive from Reatty Steady Rent£ourses wlll be kept for use on thls prolÉct alone. Golng forward into 24125 T5F will in¢rease the target for thelr reserves to a level that covers all ovt8oln85 for perfod of three months. Thls Is now calculated to be £225,000. In¥estsn4nt Pollcy The CEO and the FiTrathte M3na8er monltor the bankaccaunt and report re8ularty to the Treasurer ènd Board. WheT2 we have excess funds thai are not required fof around 6 months we have looked to eam interest. Durln8 the year £20,QOO was deposited In a fixed rate account for 6 moTTrths. As the charltys financlal stablllty strengthe#s, we will be lookln8 to deposlt IRrgersums so we can earn Inte$t forthe beTheflt of thÈ charlty. Galw Concern The Tru5lee5 have considered the turient ottupancy and rental Income leve15 and concluded that there ore sufficient rEsour5 avallable to allow the Foundatlon to crjntlnue to operate for a perlod of at IEaSt twelve months. The Trustees therefore believe that the goin8 concern b8515 15 an appT¢prl8te basi5 for these flnanclil statements. forthe futuie Obl¢rtlv•s fr¢m our Buslness Development Plan 24125: TSF staff and volunteers are well managed there are high levels oflob 5attsfactlon and Staff retentlon Oc¢upancy levels are malntalned ètor above 80% Rents are revlewed and adlusted annuallv RSA Is funded via srant5, fundraislng and Income TSF achltves hlgh levels of satlsfactlon from servlte users Ralse the profile of TSF through posltlve engagement th orEan15ations and the wSder public Read¥Steady Rent has a posltivÈ Impact on Improvln8 Outcomes f¢r tgnant5 The Trustees and staff VAII contlnue to seek addltlonal properties to provkle further supported accommodatlon on favourable terms. The Stone Foundatlon remaln5 hopeful ol promotln8 and Increasln8 the 5u¢ce55 of Ready Steady Rent 5tlll further and lollowing the end of the flnanclal year have slarted conversatlons wlth the hcal probatlon seNlce and the Justl¢e Departmentto be able to dellver to that ex olfender ¢ohort. Page9
The Stone Foundatlon Trustees, Report (contlnuedl Durlngthe flnanclal year 24125 flve of elght trustees wbll need to be replaced as follows.. Narne of Trustee Date ot ubmmencement 4$ Trustee Dai* of reslgnatlon Chrls Poole 29n/2015 271612024 (Deputy Chalrl Jean Ppole 291712015 271612024 SaTn Paole 291712015 2716D024 Stephen BrouBhio 29nft015 271612024 Rob Morris 1619DOIS Must re518n by 151912024 The CEO and rÈmainiTrg trustees have been worklnE together thls ye4r reEardlh8 5u¢Ees$lon plannlng and appolnted one new trustee atour Board Meetlng on 27th June 2024.. Nleholès Slrrw)n Jarrold We have another potentlal trustee wha 11 attend oursepternberrneetlng. We ère pleased wlth the preqress that the current staff team have made wlth flnanclal stsblllty and take up of Ready Steady Rent and wuuld like to spend some tlme focwlnE on me4sures that assist wilh the retention ol wÈll-performlng staff. Chlef Exe¢utlve Offlcer and thÈ siong Foundatlon Team Our new CEO started In post in the last quarter of the fln)n¢lal year 22123. Wlth rn?ny years of housln8 and m)nagÈment experien¢e she has contSnued to settle ITh and organ15e and prlorltlse wtsrk to ensure that flnaTrcial stablllty of the ¢hèrtty was improved and malntalned and thata cUmulate SrU5 is built up towards cur taf8et of 225k. Working together wlth the Flnath ManagET they have athleved great succe$5 by fo¢u55ln8 the teèm to ensure that all debts are chased straight awayj bllls are p3id 5wIftIyJ and regular monilorln8 take5 pla. The rent Pro5$ was atso changed wlth the FlnantÈ Mana8er rlslng to the ¢h311eng2 adrnln15terlng thi5 all more efflclently throu8h our3ccountlng system. New practlces and system5 were put in plaee so that the or8anlsatlon work5 efficlently and dynamlcally to ¥hleve the char5tV'5 oblectlves. Page 10
The Stone Foundatlon Trustees, Report (continued) The Charlty wlcomed an experleo¢ed Houslng & TralninE Manager as a dual role durlng thlsyear. We would Ilke to thank everyone that woths lor The stone Founflotlon for their hard WOFk ènd tomrnitment to what we are tne to a¢hleve. Statement olTru5tee$' Ro5ponslbllhles Ih@ trtsstees are responsible for prepèrln8 the trustees report and the fin4ncial 5tateynents In accordance wlth the United Kln8dom Accountlng Stathdar(ts Iunlted KlnBdom Generally ActÈprÈd Accouhtln8 Practlcel and appllc3ble law and regulatlons. Ihe law applicable to ¢harStles requlres the trustees to prepare flnanclal stètements for e8¢h financial year whlch ve a true and 18lr vlew ol the state of affalr5 of the charlty and of the incomin8 resources and appllcatlon of resources o* the charltyfor that perlod. In preparlng thesÈ linanclal ststements. the trustees are requlred to.. select suitable accounting policies and then apply them conslstentty,. observe the method5 and prlnclples in the Charitie5 SORP: mike ludgeFnents and estlm8te5 that 2re reasonable and prudent,. state whether applicablè a£countlng staTrd3rds have been followed. sublect to any materlal departur disc105ed and explalned In the financlal statements,. and prepare the flnanclal statements on the gdryg concem basls unles5 It Is inappropriate to pre5urne that thÈ chèrltywlll contlnue In business. The trustees are respenslble for keeplw proper g¢¢ovThtinK records that d15close wlth reasonable aLcuracy at any tlme the flnanclal PDsltion of the chaiity and enable them t¢ ensure that the flnancial statements comply with the Chari¢les Act 2011. the ChaiV(les (Accounts ènd Reports) ReEulatlons 2008, and the prov151ons DI the constituti¢n. The trusiees are also responslble for saleguardlng the assèts of the charlty ènd hence for taklnB reasonable steps for the preventlon and detectlon of fraud and oiher irregularitles. The trustees are responglble for the malntenan¢e and Integrlty of the corporate and flnanclal Informatlon Included Dn the charltable company's webslte. Le8isl2tion 8overnlng the preparatlon and dissemlnation of finandal Statements may dlffer from leg151atloTh I otheflurisdlctlons. Th¢ annual report was approved by the trustses of the charity on 21 August 2024 and signed on it5 behalf bv.- Llam Macklnder T¥u5tee An8ela Tharnps Trustee P488 11
The Stone Foundatlon Independent Examiner's Report to the trustee5 of The Stone Foundatlon I report to the charitytrustees on my examinatlon of the a¢¢ounts of the ¢hadty forthe rended 31 March 2024 whith wmprise the Statement of Flnancial ActlvEtles, the Balance Sheetand related notes. Th1$ report15 made solety io the tharlty'5 trustees. as o body In aCt0vdan with SErtlon 145 of the Charllies Act 2011. My work has been undertaken so that l rnF8ht stale to the charlVs tru5tee5 those matter5 1 am required to state to them In thls report and for no other puvpose. To the ulle5t extent permltted by law, I do not accept or assume rÈsponslblllty to anyone other than the charfty and the charlty's trustees as a bDdy for my work, for thls report. or for the oplnlons I have formed. Responslbllltles and ba$ls ol wport As the tharity trustees Df The Stone Found3tlon you are responslble fcr the preparatlon of the accounts I accordaneewiih the requirements of the Charitie5 A£t 2011 I'the Act'l. I report In respect of my examlnatlon of the The Stone Foundatlon's a¢tOUnts carrled out under sectK)n 145 of the 2011 Act and In tarrylng out my examSnatlorb I have followed all the appllcable Dlrectlon5 g5ven by the Charitv Cotnmlssion under sectlon 14515llbl of the Att. An Independent examlnatlon does not involve gatherlng all the eVIden that wtsuld be required In an audit and consequently doe5 not cover all the rnatters that an auditor conslders in giwng thwlr opinlon on the flnan¢ial statements. The plannSn8 and conduct of an 4udlt goes bèyond the Ilmlted assurArttè that an independent examlnatlen can provide. Consequently l express no opinion as to whether the flnancial ststemens prpsent a'trtse and falrfview and my report Is Ilmlted to those spetlfic matters set put in the Independent e%arnltterfs statement. IndependentexamlTrerfs siatemenl Slncè The St¢me Foundatlon's Bro55 Income exceeded £250,IJ)O your examiner must be a mernber of a borfy115ted in sectlon 145 of the 2Qll Act. I conftrm tt l am quallfitd to undertake the examlnation because l arn a member of ICEW. whl¢h is one of the Ilsted bodles. I have completed my examination. I confirm that no rnated&l matters have ¢ome to my Attentlon l connectlon wlth the examlnatlon Eivin8 me tau5e to belleve that In any material respert.. l. attounting records were not kept in respect oFThe Stone Foundatlon as ¥eqvlred by section 130 r)f the Att.. or 2. the Inancl41 statements do not4¢cord wlth those re¢ord5,- or 3. the flnanclal 5tètements do not eornply wlth the a¢countlng requlrements concernlng the form and rontent of accounts Svt out in the ChaTltie5 (Account5 and Repr>rtsl Re¥ulatioTrs 2008 other thèn any requlrement thai the accounts Blve a rue and falr vkw, whkh Is not a matter consldered as part of an Independent examlnatlon. I have no concerns and have ¢Dme across no other matter5 In connertlon wlth the examlnaiiort to whl¢h allentlon should be drawn In thls report in orderto enable è p¥oper under5tandlngof the accounts to be reached. Page 12
The Stone Foundatlon Independent Examln¢r's Report to the tru5tee5 of The Stone Foundatlon lcontinuedl mothy 5ulllvèn FCA Field Sullivan LImed 9 Hare & Billet Road Blackheath London SE3 ORB Date.. Page 13
m tD rrt t mv
The Stone Foundatlon {Re8lstration number: 11628931 Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible èssets li 602 Debtor5 Cash at b4nkand In hand 12 83,943 147.929 67,382 43,279 13 231,872 110,661 Credllors: Amount$ falllne due wlthln on*y#ar 14 13S.8131 136,4501 Net curr¢fii aets 196.059 74,211 Net J55ets 196,661 74,211 Funds of ihe tharltv: Restrlrted Incom• fund5 Rpstricted fund5 6,716 1,592 UnTe5trlded Incomelunds Unrestrlcted fund5 IB9,945 72,619 Totsl fund$ 16 196.661 The finan£lal statement5 on page$ 14 to 27 were approved by the trustees, and authorised for issue on 21 August 2024 and signpd on thelr behalf by.. Uam Macklnder TnJ$tee An8ela ThompJ Trustee The notes on pages 17 to 27 form an IntegT31 part of these ftThanGl31 statements. Page 15
The Stone Foundatlon Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Note Cashllows IMM typ*ritlnE actl¥ltles Net tash Incorne 122,4S0 28,232 AdJu#ments to ¢•$h IttsW5 from non-cash Iten Depre£l8tlon Investment Income 201 1991 122552 28,223 Wofklng capltal adjustments Ilncrea5elldecrease In debtors In¢reè5e/ldecreasel In crèdltor5 Decre¥5e it5 deferred Income 12 116,5611 3,602 14,239 4,230 122.4461 16731 14 Net ¢a5h flows from operatlng actfvltles 105,354 9,334 Cèsh fflow$ from Inve5tlng actlvltles Interest recdvable 4nd 51tnilar Income Purchase of tan8lble fixed a55ets 99 IB031 li Èt tash flows from &eStIng a¢ttieS 1704 Net Increase In Cash athd cash equlvalents 104,650 9,343 Cash and cash equivalents at l April 43,279 33,936 Cash and cash equlvalents it 31 Mèrch 147,929 43,279 Recondllatlon of net cash flowto M¢v¢ment In netfunds IncrÈ45e in cash 104,650 9,343 Net funds at l Aprll 2023 43,279 33,936 t4et funds at 31 March 2024 147 929 All of the cash flow5 are derlved from cohtlnulngoperatlons durin8 the above peTlods. rhe notes on pages 17 to 27 form an Integral part of these flnancial statement5. Page 16
The Stone Fouhdatltsn Notes to the Flnancial Stalements lorthe Year Ended 31 MaTch 2024 I Charlty ststU5 The charltv 15 dDmiciled in Eng13lld )nd Wales. The address of it5 registered office is., 5proughtDn House Spraughton IP8 3AW These llnaiiclal statement5 were author15ed for Issue by the irustegson 21 August 2024. 2 Ac¢outttlngpDllclES ststefftehtotcompllafice The financ¢al 5t4tements havp been prepared ID acGord3nce with ArcouThtinE and Reperting by Charlrks.. Statement tsf Recommended Practlce appllcable to ch8rltSes prepavlng thelr accounts In accord0n wlth the Flnanci31 REporting Standard applicable in thè UK Bnd Republit of Ireland IFRS 1021 leffectlve l January 20191 Icharltles SORP IFRS 1021- Second edition October 20191, the Flnancl81 Reportlng Standard 4pplicable in the UK and Republlc of Ireland IFRS 1021. They a15D COMP with the Companles Act 2006 and Charities Att 2011. as15 of prep•r*tlorh The Stone Foundation meets the d¢finltlon of a publlc benefit entlty nder FRS 102. The accotrnts lfinanclèl statements) have been prepared under the historical cost conve¥)tlon wlth kems retognlsed at C05t or transèctlon value unle55 Othpr4vi5e stated in the relevant notelsl to Ihese ac¢gunts. Gtsln8 ¢ontern The trustees conslder that there are no material uncertalntles about the charlty's abillty tts ¢ontlhue as a golng concern. Judgements and key sources of estlmatlon uncertalnty In the appllcatlon of the charity's accounting policie5, the tru5rees are requlred to m8keludgÈments, estimates and a5sumptlons about the carrylr%E amount of assets and Ilabllltles that are not readlly apparent from other sourcts. The estlmates and assoclated assumptlons are based on historlcal eKpÈrlen¢e and other factors that are considered to be relevant. Actual results may diffeT from these estimates. The estlmaies and urdertyln8 as5umptlons aro re¥i8wed on an on8oinq basls. Revision5 to accounting estlmètes are recognised in the periods In whi¢h the estlrrttyte Is revlsed where rev15ions affects only thttt p2rlod, or In the perfad of the rEvislon and future perlods where the revlslons affeets both current and future perlods. Page 17
The Stone Foundatlon Notes to the Flnanclal Statement5 for the Year Ended 31 March 2024 {tontinued) In¢omeand OTbdowmont$ Voluptary In¢ome in¢ludlnE Oonatlons glfts, legicles and Erants that provlde ¢ore lunding or are of a general nature Is recognlsed when the thar>ty has enlitlernent to the Income, it & probable that the income wlll be recelved and the amount ¢an be measured with sufflclent reliablllty. Donatlons43ndlegodes Donatlons 2nd le8adÈ5 are recogDised on a recelvable basls when recelpt Is probable and the hmoun tan be rellably measured. Giunts fecelvuble Grants are recognised when the charity hès an enthlement to the funds and any condltlon5 linked to the grants have been met. Where performance conditions are attathed to the 8Tant and are yet io be me¢ the income 15 recognlsed as a 5iab¢liy and induded on the bapance sheet a5 deferred Inceme to be released. Deftrred Ih¢ome Deferred Income represents amounts recelved for future perlod5 and Is released to iTKornin8 resources In the perSod for whlth. sr hès been reteived. Such Income is only deferred wheTr- - The donor 5pecifi2s that the granlor donatlon must othly be used In future accountlDg perlods,. or - The donor has Imposed £onditlans whlch rnu5t be met before the eharlty hH$ uncondltlonal Èntltlement. Inveslmentlncome Dlvldends are recoBnL%ed once the divldÈnd ha5 been dedared and notlfitatlon ha5 been recelved of the dlvldend dve. Expendliure All expendlture Is recognK8ed On therÈ 15 4 Ipgal Or constructfve ebli8atlon to that expenditure. it is prob?ble settlement Is requlred and the arnoufit can be measured relltyb. All costs are allocated to the appllcabje expendlture headlng that aggre8ate 51milar costs to ihat cate80ry. Where costs cannot be dirÈrtly attrlbuted to particular heading5 they have beert allocated on a basls cE>D515tent wlth the use of 59[(eS. vAth central staff CDSrs allDcated on the basls of tlrne spent, and deprèflatjn charges hllocated on the portlon of the asset's use. Other support costs are allocated based on the spread of Stsff cost5. th4rltuble octlvltles Charkable expendllure comprlses those cost$ In¢urred bythe charlty In the dellvery of Its actlvltles and swlces for It5 beneflclarles. It inclLdes both costs that can be allocated d5redy to such actlvltles and those costsof an indire¢t n8fUFe necessary to supportthetn. Page 18
The Stone Foundatlon Notes to the Financial Statements for the Year Ended 31 March 2024 Icontlnuedl Support costs Support COSts In¢lude central functloTrs and have been èllocated to aulvlw cost cate8oflÈs on a basls ¢on51stent with the use of resourc95, for e¥ampl&, èllocatln8 property costs by floor areas, or. per caplta, staff costs by the tlme Spent and othercosts by thelr usaee. Taxatlon The tharity Is wnsldered to Pa the tests set rAJt In Paragraph I Schedule 6 of the Finance Act 2010 and therefore It meets the definitlon ol a charitable company for UK corporatl¢n tax purptsses. Accordlnglyi the charlty Is potentially exempt from taxation in respect of intome or capital gains received wlthln cate8ori2s covered by Chaprer 3 Part 11 of the Corporatlon Tax 2010 or Sedlon 256 of the Tax2tlon of charge31e Gal Act 1992. ¢0 th& extent th•t su¢h Income orgalns a applled excluslvely to charitable purposes. T4nglbl¢ IIx8d asset5 Indlvldual flxed assets tostln8 £500.00 or mwe are initl3lly recorded at tOSL less any subsequent accumulated depreclatlon and subsequent accumulated Impalrment10s5es. Depreclatltsn ahd amort15atlon Depreclatk)n Is provlded on tan8lble fixed assets $0 as tts wfltÈ off the Cost or valuatlon, less anyestlmated resldual Value, overthelr expected useful economic Ilfe as follow5.. Asset ¢145S Offlce equlpmefit Depre¢latJon method and rate stralght Ilne over 4yÈa TYad• d•bior$ Trade debttsrs are amounts due from Customers lor rnerchand15e 501d or services performed ift the ordinary course of buslness. Trade debtors are re£ogn15ed inltially at the transa£tien prfce. They 8rt subsequently measured at amortlsed cosi uslng the eflecrive InterÈst method. less provLslon far Itnpairrnent. A prow51on for the ImpBirtpent of trade debtors Is estab115hed when there Is oblectlve evlden£e thar the charfty wlll not be oble to co51ect all amounts due accordin6to the origin&l terms of the receivable5. Page 19
The Stone Foundatlon Noles to the Flnan¢lal Statements tor the Year Ended 31 March 2024 Icontlnued} Cash 4nd tssh ¢qulvalents Cash and c35h eouiv4lents comprlsè cèsh on hand and call deposits, and other short-term hlghly Ilqykl Investment$ that are readity convertlble to a known amount of tash and aro sublett tts an Insignlflcant rlskof change In value. Trade £redltor¥ Trade credltors are obllgation5 to pay for good5 or 5ervites that have been 4cquired in the ordlnary course of buslness from suppllers. Accounts payable are das55lled as current Ilabllltles If ihe does not have an uncondltional rEht, at the end of the repertl8 perlod. to defer settlernent of the creditor for at least twelve months after the reporting date. If there is an unconditional rlght to defer settlement for at least twelve months after the reportlng date. they afe presented a5 non-WrTht IlabS1fti*. Trade ereditars are reco8n15ed Inltially at thetransaction pTSce and subsequently measured at anrtiSed cost uslng the effective interesr method. FUMI $Erurtur• Unrestrlcted Income funds are general funds that are avafjlabk for use ai the trustees dlsuetlon In furtheronce of the ¢blectlves of thethaFItv. Restrlcied In<ome funds are those donated for use In a partlcular area or for speclf5¢ purKfft5, the use of vjhlch Is re5trlcted to that area or purpose. Penslons and oth¢rptyst r¢tlr¢ment¢bllytloEb5 The charity operates a defined contributlon penslon scheme whKh Is 8 pension plan under whlch fixed ¢onrtlbutSons are pald Into a pensi£ fund and the ch8rlty has no legal or tOn5tru¢tive obllgatlon to pay further contrSbutlons even if the ftsnd does not hold sufficient ISset5 to pay all emplgyees the beneflts relaiin8 to employÈe serylce In the current and prfor perlods. Contrlbutjons to deflned contrlbution plans are reEogftlsed In the Slaternent of Flnan¢l41 ACtfves when they are due. If eontrtbutlan payment5 e¥ttEd the contr16utlon due lor se¥vke. the excess is reco8nked as a prepayment. a20
The Stone Foundatio¢i Notes to the Finan¢lal Statements for the Year Ended 31 March 2024 Icontinuedl 3 Income from donallonsandleg•¢l$ Uhresirlded funds General Restrlcted ILtrtd5 Tolal 2024 Totsl 2023 Dontion5 and le8ade5,' Appeals and donaUons Granis. intludlng caplrèl grants.. The Abert HuntTru$t The medley Foundatlon Mrs L D Rope's CharitableTrust Frank Jaekson Foundatlon 139 139 5,381 61K) 600 5,500 5.OOD 5,500 5,000 139 ii,Ic 11,239 12.381 4 Incomeliom CharItab attltIeS Unr&Mrld funds fjetteral Yotal 202 Total 2023 Tenants H4Jusln8 beneflt5 Other 78,436 762,391 31.517 78,436 762.391 31.517 79.217 616,759 31,817 872,344 872.344 727,793 S Inwstmeni Incomo Unre5trfcked lund$ General Total 2024 Total 2023 Interest retslvable and similar incorne,. Inte5t recelvable on bank deposSts 99 Pa8e 21
The Stone Foundatlon Notes to the Financlal Ststernents lor the Year Ended 31 Mar<h 2024 Icontlnuedl 6 Ixp4ndltui¢ on ¢hHrliable arttvltl¢s Total 2024 Total 2023 otq Rent 389,662 15,457 12.333 34,553 41,945 5,772 2,224 151,951 3.497 9,253 390,164 20,097 4,981 29,040 26,369 3,474 2.383 139,469 535 Council tèx Water rate5 Electrlclty Gas TV Licenees Property servl¢es and tenBnEy 5UPPQrt Rèpalrs Dama8es Other CharftsblÉ don3Uon5 Other charges Support tosts 15,199 4.920 54 75,266 94.585 761,232 711.951 Pa8e 22
The Stone Fotsndatlon Notes to the Fina17cial Statements for the Year Ended 31 Mah 2024 {contlnuedl 7 Anoty515 of support¢osts Total 2024 Yotal 2023 staff costs Wages and salarles Soclal securlty Costs Pension tosts 67,890 471 53,739 3,840 618 2,762 S,6L 3.490 144 TralnlnB Insurance Telephon¢ and fax Computer 5Dftware and rnalntenarKe PrInng, posta8eand stationery Trade subKrlptlons Sundrles 3,437 866 91 2,224 1,713 200 MotOTln8 Travel and 5ubslsten Advertlslng Independent examlnatlttn Admlnlstratlon 2nd flnan£e servltes Legal and professlonal Bad debt provlsion Bank charges other Interest payable Depreclatlon of offSce equlpment 1400 495 2,292 339 56 701 2,728 7,354 2,678 1,255 95 1.646 239 201 94.585 75,266 8 Tru5té¢s temungratlon ond qxp*ty&4 No trljstees, nor any pers0Tr5 connected wlth them, have rtcelved any remuneratlon from the charity duritTrg the year. No trustees have reTrfved iThyfelmbursed expenses or any other beneflt$frorn the charltydurlng the year. Page 23
The Stone Foundatlon Notes to the Finandal Statements for the Year Ended 31 March 2024 (continued) 9 St3ff costs The aggre8ate payroll cosis were asfollows.. 2024 2023 Staft wsts durln6the yEar were: Wages and sèlarles Sotlal securlty costs Pension costs 67,890 471 3,840 53,739 2.7S2 72,201 56,501 The Monthly avera8e number of per5¢)n5 (InclIng senlor management I adershIP te3rn1 employed by the charfty durlngthe yearexpressed as lull tlme equlvalentswas as follows- 2023 No Char(table actwltles No employee recelved emoluments of morethan £GO.DOO drIng the year 10 Taxatlon The tharlty Is a reglstered ¢har4ty and Is therefore exempt frorn taxatlon. 11 Tanglbl4 flx•d 855ets Fumlture and Èqulpment Totsl Addltions At 31 March 2024 B03 803 Depre¢l8tloo Ctharge for th¢ye¥r 201 201 At 31 March 2024 201 201 bookv01u• At 31 March 2024 602 602 Pa8e 24
The Stone Foundatlon Notes to the Finanflal Statements for the Year Ended 31 March 2024 (Ci*1nUtd) 12 Debtors 2024 2023 Trade debtors 62,299 21.644 48,801 18,581 Prepayments 83,943 67,382 13 Cath and ¢a5h equIrentS 2024 2023 Cash on hand 873 1,655 41,624 C8sh at bank 147.056 147.929 43.279 14 Credltors: amounts falllng due wlthln one year 2024 2023 Trade credltors Other tsxatlon and 50dal securlty Other credltors Accruals Deferred Incorne 23.012 1,853 15.635 797 96 10,948 15,683 4.239 35.813 36,450 2024 2023 DÈferrod Income atl Aprll 2023 Resources deferred In the perlod Amounts rèleased frorn prev10ts5 pertod5 Deferred intorne atyear end 4.239 4,912 4,239 14,512 14.2391 4,239 Pa8È 25
The Stone Foundation Notes to the Flnancial Statements foi the Year Ended 31 March 2024 Icontinuedl 15 Penslon and othErschenTe5 OeNfted contrlttrutlun penslon schgme The charlty operates o defined contrlbutlon pensSon scheme. The pen5Ion c05t char8e for the year represents cont¥lbutions payable by the tharltyto the scheme and amountedto£3,84012023- E2,7621. 16 Funds Balance at I Aprll 2023 In£DmlnE resour¢e$ Ae50urces exp¢nded Balance at31 March 2024 Vnresmrted funds Genernl General Funds 72.619 872.582 1755,2561 189,945 R4strfrtÈd funds Tenancy trainin8 Ready Steady Rent 12.0921 13.884 3,508 L592 5,500 1,592 ii.ioo 15.976 6,716 Yotèl funds 74,211 883,682 1761,2321 196,661 Bal&ft¢e at I Apwll 2022 Incomlng resource5 Aesour¢e5 expended Balan¢eat 31 Maich 2023 UthrÈ5trlrted fvnds Gemerul Generèl Funds 45,979 733,183 17e6,$431 72,619 ftes¢rl£t8d funds Ready Steady Reot 7.000 15,4081 L592 Total lunds 4S,979 740.183 1711,9511 Page 26
The Stone Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 20241contlnued) The speclflc purposes forwhlch the fur$ are to be applled are as follows- Tenancy Trainln8 Fund1n8- fund5 reielved frotn The Hedley Foundatkan and Frank Jackson Foundatlon to support pre-tenancy tralning ford15advant3ee Individuals. Ready Steady Rent Fundind- futhd5 receed from The Albert Hunt Trust and Mrs L O Rope Char5table Trust to support'R¢a(ty Steaol Rent. prole¢t. IY Analysts of not 1ss4t$ betwoan funds Unrestricted funds General Totatfund5 at 31 March 2024 Restrlded funds Tanglble fixed assets Current assets 602 602 225,156 135,8131 6.716 231,872 135.8131 Current Ilabllltles Totsl netossets 189.945 6.716 196,661 Unrostrlcted funds 6eneToI Total fundsat 31mah 2023 Restvl¢ted lund$ Current assets 109,069 136,4501 1.592 110.66L 136.4501 Current114billties Total net assEts 72,619 1.592 74.211 IB Related party Iransatt14JnS During the year the charlty made the followlng related party tyansattlons: Robert MONSS Robert Morr45, who wa5 a trustee durfng the year, Is also an employee of the Mavam Group. The Stone Foundatlon works In p8rtnershlp wlth the Mavam Group to deliver the Foundatlons, objecteS. At the balance sheet d4te the amount due tolfrom Robert Morris wa$ £NII12023- £NIII. Pa8e 27