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2023-08-31-accounts

Charity number: 1164768

STOREHOUSE COMMUNITY TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STOREHOUSE COMMUNITY TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 3
Independent Examiner's Report 4 - 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 - 14

STOREHOUSE COMMUNITY TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees

Michael John Smither (Treasurer) Gwyn Pritchard (Chair) Jennifer Ann Holman (Secretary) Margaret Edna Pritchard

Charity registered number Principal office

1164768

Stonecroft Main Street Northampton NN7 4HS

Page 1

STOREHOUSE COMMUNITY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements of the STOREHOUSE COMMUNITY TRUST for the year 1 September 2022 to 31 August 2023.

The Trust is responsible for Little Fishes Pre-School and various other activities as occur.

The setting started the new academic year with 30 children attending, 7 children having a range of additional/complex needs. In addition 2 children have an Educational Health Care Plan (EHCP) for which additional funding is being received. The term started with 6 members of staff, but an additional member was recruited and started in October.

Staffing has had its challenges over the year with staff illnesses and the Deputy Manager, Abigail Pearson, taking maternity leave from March 2023 (and we congratulate her and her husband on the birth of a healthy baby girl). A senior worker, Jess Bentley was invited to cover the Deputy Manager (including SENDCO role) position for the duration of the maternity leave. She accepted and did an excellent job in supporting the Manager.

The Manager, Barbara Jones, indicated her plans to retire at the end of the academic year in July after a considerable number of years in the position. The position of Manager was advertised, and following interview the current Deputy Manager was duly appointed to commence in the role of Manager from September 2023. This subsequently meant that we needed to advertise for a new deputy Manager and again following interview the current acting Deputy Manager was appointed to the post as from September.

4 members of staff and one Trustee attended First Aid training in November and other training on epilepsy, preschool curriculum and mathematics was provided for all staff. Noodle continues to provide a range of other training resources during the year.

The year ended with a celebration party to mark the retirement of the Manager, Barbara Jones. The event was well attended by past and present Trustees, parents and children. As Trustees we are very grateful for the dedication, expertise and faithfulness of Barbara over many years and we wish her a happy retirement. Financially, the Trustees acknowledge the deficit which was due mainly to reduced income from West Northants District Council. This figure, which is based on the number of children attending the setting throughout the year and their individual needs, was lower than usual but projections for the forthcoming academic year suggest it will rise again. The Trustees are continuing to examine expenditure to see if any savings can be made. On the positive side Little Fishes did receive a generous donation of £2000 from a grateful family.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

G. Pritchard

Chair 24.10.22

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Page 2

STOREHOUSE COMMUNITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management a. Constitution

STOREHOUSE COMMUNITY TRUST is a registered charity, number 1164768, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 30 November 2023 and signed on their behalf by:

Michael John Smither (Treasurer)

Page 3

STOREHOUSE COMMUNITY TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Independent Examiner's Report to the Trustees of STOREHOUSE COMMUNITY TRUST ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 30 November 2023

Page 4

STOREHOUSE COMMUNITY TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Kolade Andrew Alli ACMA

10 Gatcombe Gardens West End, Hampshire SO18 3NA

Page 5

STOREHOUSE COMMUNITY TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and legacies
2
Total income
Expenditure on:
Charitable activities
3
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
121,373
121,373
136,206
136,206
(14,833)
136,392
(14,833)
121,559		 Total
funds
2023
£
121,373
121,373
136,206
136,206
(14,833)
136,392
(14,833)
121,559		 Total
funds
2022
£
138,248
138,248
134,274
134,274
3,974
132,418
3,974
136,392

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 8 to 14 form part of these financial statements.

Page 6

STOREHOUSE COMMUNITY TRUST

BALANCE SHEET AS AT 31 AUGUST 2023

Fixed assets
Note
Tangible assets
6
Current assets
Cash at bank and in hand
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
7
Unrestricted funds
7
Total funds		 120,437
120,437		 2023
£
1,122
1,122
120,437
121,559
121,559
121,559
-
121,559
121,559		 134,896
134,896		 2022
£
1,496
1,496
134,896
136,392
136,392
136,392
-
136,392
136,392

The financial statements were approved and authorised for issue by the Trustees on 30 November 2023 and signed on their behalf by:

Michael John Smither (Treasurer)

The notes on pages 8 to 14 form part of these financial statements.

Page 7

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

STOREHOUSE COMMUNITY TRUST meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 8

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.4 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment - 25%

1.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.6 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Page 9

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Income from donations and legacies

2. Income from donations and legacies

Unrestricted
funds		 Total Total
General 2023 2022
£ £ £
Parental Fees 11,692 11,692 13,755
West Northamptonshire County council 106,693 106,693 122,221

funding

Cash received for Trips		 0 0 705
Donation 2,000 2,000 1,500
Bank interest receivable 988 988 67
Other Income 0 0 0
121,373 121,373 138,248

Page 10

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Expenditure on charitable activities

3. Expenditure on charitable activities
Unrestricted
funds		 Total Total
General 2023 2022
£ £ £
Wages and salaries 99,678 99,678 98,498
Staff NIC (Employers) 7,593 7,593 9,673
Staff pensions 3,301 3,301 2,762
Training 2,836 2,836 406
Rent 15,446 15,446 13,728
Consumables 1,624 1,624 2,568
Snacks 1,322 1,322 1,260
Office Costs 1,535 1,535 1,543
Bank Fees 60 60 93
Insurance 1,623 1,623 1,261
Depreciation of office equipment 374 374 499
Memberships 264 264 264
Cost of Trips 0 0 859
Cost of Uniform 0 0 360
Independent examiner's fee 550 550 500
136,206 136,206 134,274

Page 11

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. Independent examiner's remuneration

2023 2022
£ £
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts 550 500

5. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL)

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .

6. Tangible fixed assets

Cost or valuation
At 1 September 2022
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Office
equipment
£
1,995
1,995
499
374
873
1,122
1,496

Page 12

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Statement of funds

Statement of funds - current year

Balance at 1 Balance at
September 31 August
2022 Income Expenditure 2023
£ £ £ £
Unrestricted funds
General Funds 136,392 121,373 (136,206) 121,559

Page 13

STOREHOUSE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Statement of funds (continued) Statement of funds - prior year

Balance at Balance at
1 September 31 August
2021 Income Expenditure 2022
£ £ £ £
Unrestricted funds
General Funds 132,418 138,248 (134,274) 136,392

Page 14