Charity number: 1188234
STONEWOOD CAMP TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
STONEWOOD CAMP TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 16 |
STONEWOOD CAMP TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024
| Trustees | D J Collett |
|---|---|
| G I Marshall | |
| P R Eddy | |
| G M Farnfield | |
| Charity registered number 1188234 Principal office Haslers Hawke House Loughton IG10 4PL Accountants Haslers Chartered Accountants Old Station Road Loughton Essex IG10 4PL |
Page 1
STONEWOOD CAMP TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
The Trustees present their annual report together with the financial statements for the year ended 28 February 2024. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and Charities Act 2011.
Objectives and activities
a. Policies and objectives
The objects of Stonewood Camp Trust (‘SCT’) are:
The advancement in life of children and young people;
The provision or assistance in the provision of facilities and activities in the interests of social welfare for recreation or other leisure time activity for children and young people; and
To advance the Christian religion
By the provision of grants or other assistance to further the work of:
The 6th Waltham Forest Company, the Boys’ Brigade
The 7th Leytonstone Girls' Brigade Company
Other companies of the Boys’ Brigade and Girls’ Brigade in England & Wales with a preference for those in the London Boroughs of Waltham Forest and Redbridge.
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)'.
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)'.
b. Strategies for achieving objectives
‘SCT’ Trustees undertake a regular dialogue with the beneficiaries of the objects in order to promote and encourage uptake of grants and / or other assistance offered.
c. Activities undertaken to achieve objectives
‘SCT’ Trustees continue to remind the beneficiaries of the objects and the opportunity to apply for funding, whether for events, or other means of utilising funds for facilities and activities in the interests of social welfare for recreation or other leisure time activity.
d. Grant-making policies
‘SCT’ Trustees have a blanket policy to encourage uptake of the grant provision amongst its target group of Boys’ and Girls’ Brigade companies.
Page 2
STONEWOOD CAMP TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Achievements and performance
a. Review of activities
During the period ‘SCT’ Trustees have continued to change the structure and operation of the Charitable Incorporated Organisation (‘CIO’) and have utilised transferred funds in order to progress its’ objects.
b. Investment policy and performance
'SCT' use fund and portfolio investment managers to assist in the careful management of the funds and the provision of regular income. In order to protect funds the strategy employs a low risk income portfolio aiming for some capital growth with lower volatility of returns. There is a regular income which provides the sum of funds available to meet the objects.
Financial review
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.
b. Reserves policy
From year to year it is not intended to employ any of the portfolio investment funds in the day to day expenses of ‘SCT’ or in funding the objects.
Structure, governance and management
a. Constitution
The company is a registered charity number 1188234 set up as a Charitable Incorporated Organisation.
The principal object of ‘SCT’ is to advance charitable purpose (according to the law of England and Wales) as the Trustees see fit from time to time, in line with the ‘CIO’ objects and for its beneficiaries.
b. Methods of appointment or election of Trustees
The management of ‘SCT’ is the responsibility of the Trustees who are elected and co-opted under the terms of the ‘CIO’.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 3
STONEWOOD CAMP TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
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 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:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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 and signed on their behalf by:
................................................ G I Marshall Chair Date: 17 December 2024
Page 4
STONEWOOD CAMP TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024
Independent Examiner's Report to the Trustees of Stonewood Camp Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 29 February 2024.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
Page 5
STONEWOOD CAMP TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
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: 17 December 2024
Matthew Wells
ACA
Haslers Old Station Road Loughton Essex IG10 4PL
Page 6
STONEWOOD CAMP TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024
| Note Income from: Investments 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 48,042 48,042 12,771 12,771 35,271 (56,384) (21,113) 1,203,852 (21,113) 1,182,739 |
Total funds 2024 £ 48,042 48,042 12,771 12,771 35,271 (56,384) (21,113) 1,203,852 (21,113) 1,182,739 |
Total funds 2023 £ 33,965 33,965 10,673 10,673 23,292 (15,720) 7,572 1,196,280 7,572 1,203,852 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
Page 7
STONEWOOD CAMP TRUST
BALANCE SHEET AS AT 29 FEBRUARY 2024
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
37,721 37,721 (2,160) |
29 February 2024 £ 1,147,178 1,147,178 35,561 1,182,739 1,182,739 1,182,739 - 1,182,739 1,182,739 |
77,868 77,868 (2,100) |
28 February 2023 £ 1,128,084 |
|---|---|---|---|---|
| 1,128,084 75,768 |
||||
| 1,203,852 | ||||
| 1,203,852 | ||||
| 1,203,852 | ||||
| - 1,203,852 |
||||
| 1,203,852 |
The financial statements were approved and authorised for issue by the Trustees on 17 December 2024 and signed on their behalf by:
G I Marshall
Chair
The notes on pages 9 to 16 form part of these financial statements.
Page 8
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. General information
Stonewood Camp Trust is a Charitable Incorporated Organisation (CIO) and registered with the Charity Commission. The address of the registered office is Hawke House, Old Station Road, Loughton, Essex, IG10 4PL. The principal objective of the Charity is to provide grants to local Boys' and Girls' Brigade companies.
2. Accounting policies
2.1 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.
Stonewood Camp 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.
2.2 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.
2.3 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.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
2. Accounting policies (continued)
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.5 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.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.7 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 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.
Investment income, gains and losses are allocated to the appropriate fund.
Page 10
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
3. Investment income
| Unrestricted funds 2024 £ Income from local listed investments 47,974 Interest received 68 48,042 Unrestricted funds 2023 £ Income from local listed investments 33,925 Investment income - other foreign investments 40 33,965 Analysis of grants Grants to Institutions 2024 £ LBWF & LBR Boys + Girls Brigade 6,458 Grants to Institutions 2023 £ LBWF & LBR Boys + Girls Brigade 7,280 |
Total funds 2024 £ 47,974 68 |
|---|---|
| 48,042 | |
| Total funds 2023 £ 33,925 40 |
|
| 33,965 | |
| Total funds 2024 £ 6,458 |
|
| Total funds 2023 £ 7,280 |
4. Analysis of grants
Page 11
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Grants Provided 6,458 Professional fees 3,106 Bank Charges 5 Accountancy Subscription 60 Accountancy 2,160 PI Insurance 595 LEI Registration 137 Document Storage 250 12,771 Unrestricted funds 2023 £ Grants Provided 7,280 Professional Fees 368 Bank charges 4 Accountancy Subscription 75 Accountancy 2,280 PI Insurance 552 LEI Registration 114 10,673 |
Total 2024 £ 6,458 3,106 5 60 2,160 595 137 250 |
|---|---|
| 12,771 | |
| Total 2023 £ 7,280 368 4 75 2,280 552 114 |
|
| 10,673 |
Page 12
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
6. Analysis of expenditure by activities
| Grants Provided Professional Fees Bank Charges Accountancy Subscriptions Accountancy PI Insurance LEI Registration Documents Storage Grants provided Professional Fees Bank charges Accountancy Subscription Accountancy PI Insurance LEI Registration |
Grant funding of activities 2024 £ 6,458 - - - - - - - 6,458 Grant funding of activities 2023 £ 7,280 - - - - - - 7,280 |
Support costs 2024 £ - 3,106 5 60 2,160 595 137 250 6,313 Support costs 2023 £ - 368 4 75 2,280 552 114 3,393 |
Total funds 2024 £ 6,458 3,106 5 60 2,160 595 137 250 |
|---|---|---|---|
| 12,771 | |||
| Total funds 2023 £ 7,280 368 4 75 2,280 552 114 |
|||
| 10,673 |
Page 13
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
7. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,160 | 2,100 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 29 February 2024, no Trustee expenses have been incurred (2023 - £NIL) .
9. Fixed asset investments
| Cost or valuation At 1 March 2023 Additions Disposals Revaluations At 29 February 2024 Net book value At 29 February 2024 At 28 February 2023 |
Listed investments £ 1,128,084 74,706 (39,488) (16,124) |
|---|---|
| 1,147,178 | |
| 1,147,178 | |
| 1,128,084 |
10. Creditors: Amounts falling due within one year
| 29 | February | 28 | February | |
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Accruals | 2,160 | 2,100 |
Page 14
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
11. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 29 February | |||
| March 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 1,203,852 | 48,042 | (12,771) | (56,384) | 1,182,739 |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 March | Gains/ | 28 February | |||
| 2022 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 1,196,280 | 33,965 | (10,673) | (15,720) | 1,203,852 |
12. Summary of funds
Summary of funds - current year
General funds Summary of funds - prior year General funds |
Balance at 1 March 2023 £ 1,203,852 Balance at 1 March 2022 £ 1,196,280 |
Income £ 48,042 Income £ 33,965 |
Expenditure £ (12,771) Expenditure £ (10,673) |
Gains/ (Losses) £ (56,384) Gains/ (Losses) £ (15,720) |
Balance at 29 February 2024 £ 1,182,739 |
|---|---|---|---|---|---|
| Balance at 28 February 2023 £ 1,203,852 |
Page 15
STONEWOOD CAMP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 29 February 2024 £ Fixed asset investments 1,147,178 Current assets 37,721 Creditors due within one year (2,160) Total 1,182,739 |
Total funds 29 February 2024 £ 1,147,178 37,721 (2,160) 1,182,739 |
|---|---|
Page 16