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 ActI￿￿e$ 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 oifTn, 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 d18￿1 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 $atlsfactlon and to reduce vL¥ld tlmes because ol repalrs ha￿ng to be undertzken. A tlcketlnB 5VStem for maintenance allows for tlmely rep81r and r¢furblshment works at the end of tenancy, agaln to ¥educe void tl%ne5. P88e 7 The Slone Foundatlon Trustees, Report l¢ontlnued Prlor to obtainlng addltlonal prOPer￿e5, research Is conducred to ensu￿ there 15 demand for the serv1￿. Tenancy trHlnlTrg alms to increase tenants. understandln8 01 the responslbllltles of m2na8lng a tenancy, which in tum alms to minlmise the rlsk ol evicLion. All tenant5 tnt)vinB inio our communlty f13ts are encouraged to aitend thetralnlng. DÈtlsl•#$ 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. pre￿ouS 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 S￿b￿lI 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 g￿nt 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￿$sful In gettlng grarst fundltt8 from 3 organlsatlon5. Thi5 grant lundln8 totaled Èll,100.. £6.716 was utSllsed In Z3124 for the runnlng of Ready Steady Rent, the remalnlng £4,3B4 wlll be carried forward to 24125. Flnan¢lg1 R¢￿eW For the y23r ended 31 March 2024. the Foundatlon made a surplu5 Of £122,450, an Increase of £94.218 on the previous year. Thls Is on 8r055 income of £883,682 Iye8r ended 31 March 2023 £740.1831. On 31 March 2024 tho Foundat5on held unre5tr1cted r￿eNe$ 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 Pollrtsl 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 LIm￿ed 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 a￿ets 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¢t￿tieS 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¢li*y 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 deprèflat￿jn 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 inclL*des 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 charge31￿e 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 r*Eht, at the end of the repertl*8 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-Wr￿Tht IlabS1fti*. Trade ereditars are reco8n15ed Inltially at thetransaction pTSce and subsequently measured at an￿rtiSed 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