Charity number: 285391
ST STEPHEN SOCIETY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ST STEPHEN SOCIETY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
ST STEPHEN SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Stephen Ruttle James R B Odgers Caroline Collington Lloyd Belcher Deborah Foster Thomas Archer
Charity registered number
285391
Principal office
6 Jubilee Road St George Bristol BS5 8HZ
Honorary officer
Deborah Foster
Accountants
Baldwin Scofield Accountancy LLP Chartered Accountants 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU
Bankers
National Westminster Bank plc 1 Princes Street London EC2R 8PA
Page 1
ST STEPHEN SOCIETY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the St Stephen Society for the year 1 April 2021 to 31 March 2022.
Objectives and activities
Policies and objectives
The objectives of the charity are the promotion of the Christian faith and relief of poverty throughout the world.
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)'.
Achievements and performance
Review of activities
Jackie Pullinger-To's ministry in Hong Kong continues to rescue people from addictions and to bring them into a closer relationship with the Lord Jesus Christ.
The Trustees continue to consider that this ministry represents the best use for the monies received from donors in the UK and thus again monies have been transferred to the sister charity in Hong Kong, St Stephen's Society.
Financial review
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.
Principal risks and uncertainties
The Trustees consider that the main risks of governing the charity are in connection with the management of its cash assets and with the dissemination of grants payable which are reviewed formally by the Trustees at each meeting.
Structure, governance and management
Constitution
St Stephen Society is a registered charity, number 285391, and is constituted under a Trust deed.
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.
Organisational structure and decision-making policies
The charity is managed by the Trustees and the Honorary officer.
Page 2
ST STEPHEN SOCIETY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
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:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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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 on 25 January 2023 and signed on their behalf by:
Deborah Foster Trustee
Page 3
ST STEPHEN SOCIETY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of St Stephen Society ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
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:
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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.
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: 25 January 2023 Nicholas M Baldwin BA(Econ) FCA DChA
Baldwin Scofield Accountancy LLP
Chartered Accountants
Page 4
ST STEPHEN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ 350 - 350 650 650 (300) 300 (300) - |
Unrestricted funds 2022 £ 192,449 5 192,454 204,148 204,148 (11,694) 58,763 (11,694) 47,069 |
Total funds 2022 £ 192,799 5 192,804 204,798 204,798 (11,994) 59,063 (11,994) 47,069 |
Total funds 2021 £ 70,652 14 |
|---|---|---|---|---|
| 70,666 | ||||
| 48,725 | ||||
| 48,725 | ||||
| 21,941 | ||||
| 37,122 21,941 |
||||
| 59,063 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
ST STEPHEN SOCIETY
BALANCE SHEET AS AT 31 MARCH 2022
| Note Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
40,393 7,575 47,968 (899) |
2022 £ 47,069 47,069 - 47,069 47,069 |
16,375 43,697 60,072 (1,009) |
2021 £ 59,063 |
|---|---|---|---|---|
| 59,063 | ||||
| 300 58,763 |
||||
| 59,063 |
The financial statements were approved and authorised for issue by the Trustees on 25 January 2023 and signed on their behalf by:
Deborah Foster
Trustee
The notes on pages 7 to 15 form part of these financial statements.
Page 6
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
St Stephen Society is a registered charity, number 285391, and is constituted under a Trust deed.
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.
St Stephen Society 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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 7
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 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.
2.7 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.
2.8 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.
2.9 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 8
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Income from donations and legacies
| Donations Donations |
Restricted funds 2022 Unrestricted funds 2022 £ £ 350 192,449 Restricted funds 2021 Unrestricted funds 2021 £ £ 300 70,352 |
Total funds 2022 £ 192,799 |
|---|---|---|
| Total funds 2021 £ 70,652 |
4. Investment income
| Unrestricted funds 2022 £ Investment income - local cash 5 Unrestricted funds 2021 £ Investment income - local cash 14 Analysis of grants Grants to Institutions 2022 Grants to Individuals 2022 £ £ Grants paid 203,350 650 |
Total funds 2022 £ 5 |
|---|---|
| Total funds 2021 £ 14 |
|
| Total funds 2022 £ 204,000 |
5. Analysis of grants
Page 9
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of grants (continued)
| Grants to | Total | |
|---|---|---|
| Institutions | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Grants paid | 48,000 | 48,000 |
6. Analysis of expenditure on charitable activities Summary by fund type
| Direct costs of charitable activities Direct costs of charitable activities 7. Analysis of expenditure by activities |
Restricted funds 2022 Unrestricted funds 2022 £ £ 650 204,148 Unrestricted funds 2021 £ 48,725 |
Total 2022 £ 204,798 |
|---|---|---|
| Total 2021 £ 48,725 |
||
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Direct costs of charitable activities | 204,000 | 798 | 204,798 |
Page 10
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities (continued)
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Direct costs of charitable activities | 48,000 | 725 | 48,725 |
Analysis of support costs
| Bank charges Governance - independent examination Bank charges Governance costs - independent examination 8. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Activities 2022 £ 138 660 798 Activities 2021 £ 65 660 725 2022 £ 660 |
Total funds 2022 £ 138 660 |
|---|---|---|
| 798 | ||
| Total funds 2021 £ 65 660 |
||
| 725 | ||
| 2021 £ 660 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
Page 11
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Trustees' remuneration and expenses (continued)
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
10. Debtors
| Due within one year Tax recoverable |
2022 £ 40,393 40,393 |
2021 £ 16,375 |
|---|---|---|
| 16,375 |
11. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 899 | 1,009 |
12. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 7,575 | 43,697 |
Financial assets measured at fair value through income and expenditure comprise balances held at bank.
Page 12
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General fund Restricted funds Specific gift fund Total of funds Statement of funds - prior year Unrestricted funds General fund Restricted funds Specific gift fund Total of funds |
Balance at 1 April 2021 £ 58,763 300 59,063 Balance at 1 April 2020 £ 37,122 - 37,122 |
Income £ 192,454 350 192,804 Income £ 70,366 300 70,666 |
Expenditure £ (204,148) (650) (204,798) Expenditure £ (48,725) - (48,725) |
Balance at 31 March 2022 £ 47,069 |
|---|---|---|---|---|
| - | ||||
| 47,069 | ||||
| Balance at 31 March 2021 £ 58,763 |
||||
| 300 | ||||
| 59,063 |
Page 13
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 April 2021 £ 58,763 300 59,063 Balance at 1 April 2020 £ 37,122 - 37,122 |
Income £ 192,454 350 192,804 Income £ 70,366 300 70,666 |
Expenditure £ (204,148) (650) (204,798) Expenditure £ (48,725) - (48,725) |
Balance at 31 March 2022 £ 47,069 - |
|---|---|---|---|---|
| 47,069 | ||||
| Balance at 31 March 2021 £ 58,763 300 |
||||
| 59,063 |
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Current assets 47,968 Creditors due within one year (899) Total 47,069 |
Total funds 2022 £ 47,968 (899) |
|---|---|
| 47,069 |
Page 14
ST STEPHEN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Restricted funds 2021 £ 300 - 300 |
Unrestricted funds 2021 £ 59,772 (1,009) 58,763 |
Total funds 2021 £ 60,072 (1,009) 59,063 |
|---|---|---|---|
Page 15