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2022-04-05-accounts

THE STOLLER CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022 Registered charity No: 285415

BARLOW ANDREWS LLP CHARTERED ACCOUNTANTS BOLTON

THE STOLLER CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

CONTENTS

Page
Trustees’ report 1 - 4
Independent auditor’s report 5 - 7
Statement of financial activities 8
Group and company balance sheets 9
Group statement of cash flows 10
Notes to the financial statements 11 - 25

THE STOLLER CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

Reference and administrative information

Charity Name: The Stoller Charitable Trust Charity registration number: 285415 Project Manager and Principal Address: Mr S M Lowe DL 24 Low Crompton Road Royton Oldham Trustees The Trustees serving during the year were: Sir Norman Stoller, CBE KStJ DL – Chairman J R B Gould Lady Stoller (resigned 7 September 2022) KSL Trustees Limited A P Dixon R C W Parkinson (appointed 30 September 2021) Accountants Wrigley Partington Sterling House 501 Middleton Road Chadderton Oldham Auditors Barlow Andrews LLP Carlyle House 78 Chorley New Road Bolton Investment managers UBP 26-37 Seymour Mews London Bankers National Westminster Bank PLC 1 Waterhouse Street Halifax Solicitors Kuit Steinart Levy 3 St Mary’s Parsonage Manchester

1

THE STOLLER CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

(Continued)

The Trustees present their report and financial statements for the year ended 5 April 2022.

The Trustees confirm that the financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

Structure, Governance and Management

The Trust is an unincorporated trust constituted under a trust Deed dated 21 April 1982 and is a registered charity, number 285415. The Trust was established by an initial gift from Sir Norman Stoller in 1982 and this has been followed in later years by additional substantial gifts by Sir Norman to the Trust. The Trust does not actively fundraise and seeks to continue the Philanthropic work desired by the donor through the careful stewardship of its existing resources.

The Trustees are appointed by the Board of Trustees and serve for an indefinite period. The Trust Deed provides for a maximum of 10 trustees to serve at any one time.

The Trustees aim to meet on a regular basis when they agree the board strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the Board of Trustees is delegated to the Project Manager, Stephen Lowe.

The Stoller Charitable Trust has a wholly owned subsidiary company SCT Climbing Limited which began trading during the year, as an indoor climbing centre in Oldham.

Appointment and induction of trustees

The trustees regularly review the needs of the trust during Board meetings, and consideration is given as to whether any additional expertise is required, and any additional trustees are appointed as necessary.

Risk Management

The Trust Deed gives the trustees wide powers. During the year all of its investments were administrated by a professional investment manager, whose overall brief is to maximise long-term total return subject to the risks associated with a balanced portfolio. The Trustees consider that the Trust is subject to no other major risks.

Related Parties

Close working relationships exist between the charity and certain related parties. These include: accountancy services provided by Wrigley Partington, a practice in which Mr A P Dixon (Trustee) is a partner; legal and professional services provided by Kuit Steinart Levy, KSL Trustees Limited (Trustee); and project management services provided by SKL Consultancy Limited, a company in which Mr S M Lowe DL is a director (also a director of the subsidiary company SCT Climbing Limited).

Objectives and Activities for the Public Benefit

The Trustees support a wide variety of charitable causes, but with particular emphasis on those which are in Greater Manchester, medically related or supportive of children. They also endeavour to maintain a balance between regular and occasional donations, and large and small ones. Applications are normally reviewed on a regular basis and over 20 donations were made in the year.

The Trustees confirm that they have referred to the Charity Commission guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities and setting the grant making policy for the year. They are confident that the support the Trust gives to other charitable organisations as outlined above fulfils the public benefit test.

2

THE STOLLER CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

(Continued)

Achievements, Performance and Plans for Future Periods

The Trust achieved a satisfactory financial return on its investments when considering the market place generally and met its targets with donations to relevant charitable bodies and other beneficiaries. The level of donations will continue in the future. The Trust is satisfied that donations paid have enabled beneficiaries to meet their stated goals and where appropriate the trust receives confirmation from recipients of donations regarding the status of funded projects. The trust intends to continue to support Charitable Organisations within its stated goals for the foreseeable future and the Trustees continue to review future plans to ensure these will benefit relevant charitable bodies for years to come.

During the year, the trust has invested over £2m in SCT Climbing Limited to operate an activity centre which will provide benefits for younger people, and the profits generated by the climbing activities will be used for longterm charitable purposes.

SCT Climbing Limited

Oldham is one of the most deprived towns in the country and Summit Up was established by the Trust to provide a leisure facility in the centre of town, by creating an accessible and inclusive experience for all the family, from complete novices through to seasoned climbers and even those just looking to try something new.

Opened in September 2021, the Centre has proved to be a popular space not only for the Community of Oldham, but in reaching out to other parts of Greater Manchester and beyond. All distributable profits will be returned to the Charity to support the youth of Oldham.

Reserves Policy

The trust deed does not refer to a specific reserves policy. The trustees are empowered to expend the annual income of the trust fund, together with as much of the capital thereof as they shall think fit in order to achieve the aims and objectives of the trust.

At 5 April 2022, the individual charity’s reserves were £10,242,611 (2021: £15,919,139). Free reserves which exclude tangible fixed assets and unlisted investments are at a level (being around £3.1m) which the trustees feel enables the charity to pursue its aims, objectives and projects with confidence.

The Trustees regularly review the level of free reserves to ensure they are sufficient to meet all ongoing projects and running costs of the charity for a minimum of 12 months.

The Trustees also aim to maintain a group level of free reserves of at least £1m to ensure all foreseeable costs can be serviced for a minimum period of 12 months.

Financial Review

Income is derived solely from donations and returns on investments, but the Trustees have decided to use Trust capital to make donations well in excess of annual income in appropriate cases.

Total incoming resources of the individual charity (excluding the trading subsidiary) were £841,933, with net investment losses of £41,038. Cost of charitable activities are £6.5m, with the result that the Trust balances were decreased by £5.7m.

The Trust had financial commitments totaling £5,287,000 (2021: £2,014,051) at the year end. The amounts will be paid over the next three years. Reserves held at the year end are sufficient to meet these commitments.

The Trust reported a net deficit of £5,903,737 on its consolidated statement of financial activities as a result of a large commitment made during the year as per note 8.

3

THE STOLLER CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

(Continued)

Total reserves as per the consolidated balance sheet are £9,973,687 after also accounting for SCT Climbing Limited’s activities.

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

Trustees’ Responsibilities in Relation to the Financial Statements

Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those accounts, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the accounts comply with he 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.

Compliance with Accounting Standards

The trustees confirm that the financial statements comply with the current statutory requirements, the Charities Act 2011, the provisions of the trust deed and the requirements of the Charities SORP (FRS 102).

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Declaration

The trustees declare that they have approved the Trustees’ Report above.

Signed on behalf of the Charity’s Trustees

……………………………………………………………… Sir Norman Stoller, CBE KStJ DL Chairman Date: 2 February 2023

4

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE STOLLER CHARITABLE TRUST

Opinion

We have audited the financial statements of The Stoller Charitable Trust for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

5

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE STOLLER CHARITABLE TRUST

(CONTINUED)

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE STOLLER CHARITABLE TRUST

(CONTINUED)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Barlow Andrews LLP Chartered Accountants and Statutory Auditor Carlyle House, 78 Chorley New Road, Bolton

2 February 2023

Barlow Andrews LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

7

THE STOLLER CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 5 APRIL 2022

Note
Income
Donations and legacies
4
Investment income
5
Grants payable written back
6
Trading income
7
Other operating income
Total income
Expenditure on
Charitable activities
8
Trading activities
9
Total expenditure
Net (expenditure)/income for the year before other
recognised gains and losses
(Losses) and gains on investment assets
10
Net movement in funds for the year
Reconciliation in funds
Total funds brought forward
Total funds carried forward		 2022
Unrestricted
Funds
£
494,250
231,893
115,790
467,971
7,751
1,317,655
6,477,423
702,931
7,180,354
(5,862,699)
(41,038)
(5,903,737)
15,877,424
9,973,687		 2021
Unrestricted
Funds
£
729,422
230,283
1,700,826
-
10,338
2,670,869
1,323,449
52,053
1,375,502
1,295,367
4,857,723
6,153,090
9,724,334
15,877,424

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

All income and expenditure is derived from continuing activities and all income and expenditure relates to unrestricted funds.

The accompanying notes are an integral part of this statement of financial activities.

8

THE STOLLER CHARITABLE TRUST

CONSOLIDATED AND CHARITY

BALANCE SHEETS AS AT 5 APRIL 2022

Notes
Fixed Assets
Intangible fixed assets
15
Tangible fixed assets
16
Investments
17
Current Assets
Stock
Debtors
19
Cash at bank and in hand
Creditors:amounts falling due within
one year
20
Net current (liabilities)
Total assets less current liabilities
Creditors:amounts falling due after
more than one year
21
Net assets
Total funds of the charity
Unrestricted funds
Total charity funds		 Group
2022
£
13,500
6,823,509
7,984,456
14,821,465
22,109
39,137
562,377
623,623
(5,441,401)
(4,817,778)
10,003,687
(30,000)
9,973,687
9,973,687
9,973,687		 Charity
2022
£
-
463,465
14,684,556
15,148,021
-
246,921
154,105
401,026
(5,276,436)
(4,875,410)
10,272,611
(30,000)
10,242,611
10,242,611
10,242,611		 Group
2021
£
-
4,175,196
13,007,760
17,182,956
-
246,674
487,163
733,837
(2,004,869)
(1,271,032)
15,911,924
(34,500)
15,877,424
15,877,424
15,877,424		 Charity
2021
£
-
463,465
17,507,860
17,971,325
-
3,725
113,380
117,105
(2,134,791)
(2,017,686)
15,953,639
(34,500)
15,919,139
15,919,139
15,919,139

As permitted by S408 Companies Act 2006, the parent entity has not presented its own statement of financial activities and related notes. The parent entity’s deficit for the year was £5,676,528 (2021: surplus of £6,194,805).

The financial statements were approved by the Board of Trustees and authorised for issue on 2 February 2023 and signed on its behalf by:

KSL Trustees Limited Trustee

9

THE STOLLER CHARITABLE TRUST

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2022

Notes
Net cash used in operating activities
25
Cash flow from investing activities:
Interest received
Rents received
Income from managed funds
Investment portfolio net transactions
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Net cash generated from investing activities
Net change in cash and cash equivalents in reporting period
Cash and cash equivalents at 6 April
Cash and cash equivalents at 5 April		 2022
£
(2,597,825)
49
12,872
217,785
5,170,545
(15,000)
(2,713,212)
2,673,039
75,214
487,163
562,377		 2021
£
(611,947)
238
3,755
226,290
4,082,572
-
(3,909,024)
403,831
(208,116)
695,279
487,163

The Trust has taken advantage of the FRS 102 exemption from preparing its own entity statement of cash flows.

10

THE STOLLER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

1. Accounting policies

Company information

The Stoller Charitable Trust (“the charity”) is a charity established under a trust deed. The principal address is 24 Low Crompton Road, Royton, Oldham.

The charity meets the definition of a public benefit entity as defined by FRS102.

The group consists of The Stoller Charitable Trust and its subsidiary, SCT Climbing Limited.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity’s trust deed, the Charities Act 2011 and “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 statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historic cost convention as modified by the revaluation of fixed asset investments.

1.2 Basis of consolidation

The consolidated financial statements incorporate those of The Stoller Charitable Trust and its subsidiary. Although the Trust’s subsidiary financial statements have been made up to 31 March 2022, the consolidated financial statements have been made up to 5 April 2022, being the reporting date of the Trust. This difference in reporting dates isn’t deemed to have a material impact on the consolidated financial statements.

All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation.

1.3 Going concern

At the time of approving the financial statements, the trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern and the Financial Statements have been drawn up on the going concern basis which assumes that the charity will continue in operational existence for the foreseeable future.

1.4 Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and that have not been designated for other purposes.

11

THE STOLLER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

1.5 Income

Charitable income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount of income can be measured reliably.

Donations are recognised once received. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Investment income is recognised when receivable.

Grants payable written back are recognised when grant commitments payable, committed to in prior years, are cancelled as a result of performance obligations not being met or a lack of funds available.

Income earned by the subsidiary (SCT Climbing Limited) is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods/provision of services); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

1.6 Expenditure

Charitable expenditure is recognised on an accruals basis and comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Expenditure includes any Value Added Tax which cannot be fully recovered. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are accounted for when the trustees have accepted a legal or moral obligation are accounted for as resources expended in the statement of financial activities. Activities that are wholly funded from future income are disclosed in a note to the accounts.

Governance costs include those associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

1.7 Intangible fixed assets and amortization

Intangible fixed assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible fixed assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation is calculated so as to write off the cost of an asset, less its residual value, over the useful life of the asset as follows:

Franchise

10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

12

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

1.8 Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land and buildings acquired for charitable purposes are stated at cost, and not depreciated. Buildings would ordinarily be depreciated but in this case, the trustees are confident that the value stated in the financial statements is not above the market value of the property. For this reason, no depreciation has been charged.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - No depreciation Plant and machinery - 5% straight line Fixtures, fittings and equipment - 25% reducing balance Climbing equipment - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities..

1.9 Fixed asset investments

Investments quoted on a recognised Stock Exchange are valued at market value at the year end.

Unlisted investments are valued at cost at the year end.

Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the period.

1.10 Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.11 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

1.12 Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

13

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

1.13 Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group’s balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, loans to group companies and cash and bank balances, are measured at transaction price.

Other financial assets

Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in the statement of financial activities.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.14 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15 Defined contribution plans

Contributions to defined benefit contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

14

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

1.16 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.17 Taxation

The charity has charitable status and is thus exempt from taxation of its income and gains falling within section 505 of The Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives.

For the subsidiary, the tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affect neither the tax profit nor the accounting profit.

2. Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods.

15

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

3. Income from subsidiary’s trading activities

The charity owns the whole of the ordinary share capital of SCT Climbing Limited, consisting of 6,700,100 ordinary shares of £1. SCT Climbing Limited operates as a climbing centre in Oldham.

Its trading results for the year, as extracted from the audited financial statements, are summarised below:-

Turnover
Cost of sales
Administration costs
Other income
Operating loss for the year
etails of the subsidiary’s balance sheet are given in note 18.
4.
Income from donations and legacies
Donations		 2022
£
467,971
(70,217)
(632,714)
7,751
(227,209)
2022
£
494,250		 2021
£
-
-
(52,053)
10,338
(41,715)
2021
£
729,422

Details of the subsidiary’s balance sheet are given in note 18.

During the year, Sir Norman Stoller CBE KStJ DL (trustee) donated shares in a listed company A O World PLC to the charity at a value of £494,250 (2021: £529,422).

In the prior year, Lady Stoller (formerly a trustee) donated a property in Oldham to the charity at a value of £200,000.

The above donations were made on a market value basis.

5.
Income from investments
Interest received
Rents received
Income from managed funds
Profit on foreign exchange
6.
Grants payable written back
Grants payable written back		 2022
£
49
12,872
217,785
1,187
231,893
2022
£
115,790		 2021
£
238
3,755
226,290
-
230,283
2021
£
1,700,826

Where a grant commitment (see note 22) is cancelled as a result of certain requirements not being met or a lack of available funds, this is included in income, as grants payable written back, in the year that the commitment was cancelled.

16

THE STOLLER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

7. Trading income
7. Trading income 2022 2021
£ £
Trading income 467,971 -

Trading income represents the income of the Trust’s subsidiary, SCT Climbing Limited, generated through its trade as a climbing centre.

8.
Resources expended on charitable activities
Grants to institutions
Mahdlo (Oldham Youth Zone)
Royal Northern College of Music
Kingfisher Learning Trust
Alzheimers Research UK
The Duke of Edinburgh Awards
Manchester Foundation Trust Charity
Live Music Now
Maggies Oldham
Cancer Biomarker Sciences Centre
Oldham Enterprise Trust
Manchester University Projects
Mayors Appeal Fund
St John’s Ambulance
The Hoppy Charity
Christies Blood Centre Oldham
Other immaterial grants paid to institutions
Support costs allocated to activities
Investment management costs
Administration fees
Legal fees
Bank interest and charges
Investment property costs
Other
Governance costs
Accountancy
Auditors remuneration
Total expenditure on charitable activities		 2022
£
243,024
25,000
450,000
-
20,000
200,000
25,000
131,447
5,000,000
80,960
58,500
10,000
20,000
20,000
45,000
13,230
6,342,161
48,986
48,000
11,980
1,144
-
1,120
111,230
15,032
9,000
24,032
6,477,423		 2021
£
442,454
28,000
300,000
60,000
100,000
200,000
-
-
-
-
-
-
-
-
-
32,833
1,163,287
70,334
44,250
20,869
857
1,960
772
139,042
16,860
4,260
21,120
1,323,449

Grants and donations are made to support a wide variety of charitable causes, with particular emphasis on those which are in Greater Manchester, medically related, or supportive of children.

17

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

9.
Resources expended on trading activities
Cost of sales
Staff costs
Staff training
Rates
Insurance
Light and heat
Cleaning
Repairs and maintenance
Printing, postage and stationery
Advertising
Telephone
Computer costs
Travelling and entertainment
Legal and professional
Consultancy fees
Accountancy fees
Bank charges
Bad debts
General expenses
Subscriptions
Amortisation
Depreciation
Total expenditure on trading activities
10. Gains and losses on investments
Gain on sale of investments
(Loss)/gain on revaluation of investments		 2022
£
70,217
336,100
3,498
3,498
15,014
32,094
28,566
7,184
9,830
37,046
52
24,654
4,063
10,616
22,529
6,250
5,385
186
12,926
6,824
1,500
64,899
702,931
2022
£
742,533
(783,571)
(41,038)		 2021
£
-
44,246
-
851
-
-
-
-
-
-
-
-
-
-
-
4,750
97
-
755
360
-
994
52,053
2021
£
3,471,725
1,385,998
4,857,723

18

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

11. Net incoming resources for the year

11. Net incoming resources for the year
This is stated after charging:
Depreciation
Auditor’s remuneration
Audit fee
12. Staff costs of the group
Salaries
Social security costs
Pension costs
The average number of employees:
Climbing centre
Charity
Group		 2022
£
64,899
9,000
2022
£
310,883
20,310
4,907
336,100
No.
30
-
30		 2021
£
994
4,260
2021
£
39,562
3,649
1,035
44,246
No.
6
-
6

No employees received employee benefits (excluding employer pension costs) of more than £60,000 during the year or during the prior year.

13. Trustee disclosures

None of the trustees have personally received any remuneration or been reimbursed for any expenses during the year or the prior year. Transactions with related parties can be seen as per note 27.

14. Key management personnel of the group

2022 2021
£ £
Total key management compensation 39,765 32,667

19

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

15. Intangible fixed assets

5. Intangible fixed assets
Cost
At 6 April 2021
Additions
At 5 April 2022
Amortisation
At 6 April 2021
Charge in the year
At 5 April 2022
Carrying amount
At 5 April 2022
At 5 April 2021		 Subsidiary
£
-
15,000
15,000
-
1,500
1,500
13,500
-		 Group
Total
£
-
15,000
15,000
-
1,500
1,500
13,500
-

16. Tangible fixed assets

Cost
At 6 April 2021
Additions
Disposals
At 5 April 2022
Depreciation
At 6 April 2021
Charge in the year
Disposals
At 5 April 2022
Net Book Value
At 5 April 2022
At 5 April 2021		 Charity
land and
buildings
£
463,465
-
-
463,465
-
-
-
-
463,465
463,465		 Subsidiary
land and
buildings
£
3,449,938
1,419,759
-
4,869,697
-
-
-
-
4,869,697
3,449,938		 Subsidiary
plant and
machinery
£
257,819
1,071,390
-
1,329,209
-
35,815
-
35,815
1,293,394
257,819		 Subsidiary
fixtures,
fittings and
equipment£
4,968
173,543
-
178,511
994
22,474
-
23,468
155,043
3,974		 Subsidiary
climbing
equipment
£
-
48,520
-
48,520
-
6,610
-
6,610
41,910
-		 Group
Total
£
4,176,190
2,713,212
-
6,889,402
994
64,899
-
65,893
6,823,509
4,175,196

20

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

17. Fixed asset investments
Charity - Listed investments
Valuation as at 6 April 2021
Additions at cost
Reinvested income
Disposal proceeds
Realised gains/(losses)
Unrealised gains/(losses)
Cash held within the investment portfolio
Valuation as at 5 April 2022
Charity - Unlisted investments
Cost as at 6 April 2021
Additions
Disposal proceeds
Realised gains/(losses)
Cost as at 5 April 2022		 2022
£
10,824,411
33,906,518
188,279
(38,463,698)
761,475
(783,571)
6,433,414
1,262,628
7,696,042
409,753
-
(102,397)
(18,942)
288,414		 2021
£
11,517,354
23,579,109
-
(29,129,775)
3,471,725
1,385,998
10,824,411
1,773,596
12,598,007
715,155
-
(305,402)
-
409,753

Unlisted investments include an investment in Orbic International Limited with a carrying value of £288,414. At 5 April 2022 the market value of this investment was £174,752.

Charity - Investment in subsidiary undertaking
(see note 18)
Cost as at 6 April 2021
Additions at cost
Cost as at 5 April 2022
Summary:
Fixed asset investments
Listed investments – see above
Cash held as part of the investment portfolio
Unlisted investments
Investment in subsidiary undertaking		 Group
2022
£
6,433,414
1,262,628
288,414
-
7,984,456		 2022
£
2021
£
4,500,100
100
2,200,000
4,500,000
6,700,100
4,500,100
Charity
2022
£
Group
2021
£
Charity
2021
£
6,433,414
10,824,411
10,824,411
1,262,628
1,773,596
1,773,596
288,414
409,753
409,753
6,700,100
-
4,500,100
14,684,556
13,007,760
17,507,860		 2022
£
2021
£
4,500,100
100
2,200,000
4,500,000
6,700,100
4,500,100
Charity
2022
£
Group
2021
£
Charity
2021
£
6,433,414
10,824,411
10,824,411
1,262,628
1,773,596
1,773,596
288,414
409,753
409,753
6,700,100
-
4,500,100
14,684,556
13,007,760
17,507,860
17,507,860

21

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

18. Investment in subsidiary

The charity holds 100% of the equity of the following company:

Description
Subsidiary undertaking of holding Nature of business
SCT Climbing Limited Ordinary Trades as Summit Up and operates as a family friendly
climbing centre

The registered office of the trading subsidiary is Sterling 501 Middleton Road, Chadderton, Oldham, OL9 9LY and the company number is 11082832.

The assets and liabilities of the subsidiary were:

he assets and liabilities of the subsidiary were:
Fixed assets
Current assets
Creditors:amounts falling due within one year
Representing:
Share capital
Profit and loss account		 2022
£
6,373,544
469,518
(411,886)
6,431,176
6,700,100
(268,924)
6,431,176		 2021
£
3,711,731
751,182
(4,528)
4,458,385
4,500,100
(41,715)
4,458,385

Details of the subsidiary’s Profit and Loss Account are given in note 3.

19. Debtors

9. Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2022
Group
£
Charity
£
3,331
-
-
246,921
-
-
35,806
-
39,137
246,921		 2021
Group
£
Charity
£
-
-
-
-
242,949
-
3,725
3,725
246,674
3,725
3,725

22

THE STOLLER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

20. Creditors – amounts falling due within one year

0. Creditors –amounts falling due within one year
Contractual commitments
Accruals and deferred income
Trade creditors
Social security and other taxes
Amounts owed to group undertakings
Other creditors
1. Creditors –amounts falling due after more than on
Contractual commitments
22. Contractual commitments
As at 6 April 2021
New commitments
Payments made
Grants payable written back
As at 5 April 2022
Falling due within one year (note 20)
Falling due after more than one year (note 21)		 2022
Group
£
Charity
£
5,257,000
5,257,000
91,567
19,436
43,341
-
35,140
-
-
-
14,353
-
5,441,401
5,276,436
e year
2022
Group
£
Charity
£
30,000
30,000
2022
£
2,014,051
5,102,500
(1,713,761)
(115,790)
5,287,000
5,257,000
30,000
5,287,000		 2021
Group
£
Charity
£
1,979,551
1,979,551
23,058
20,790
-
-
2,260
-
-
134,450
-
-
2,004,869
2,134,791
2021
Group
£
Charity
£
34,500
34,500
2021
£
4,502,641
-
(787,764)
(1,700,826)
2,014,051
1,979,551
34,500
2,014,051
34,500






5,287,000 2,014,051
5,257,000
30,000		 1,979,551
34,500
5,287,000 2,014,051

21. Creditors – amounts falling due after more than one year

Contractual commitments relate to amounts committed to as grants payable in the future. Where a grant commitment is cancelled as a result of certain requirements not being met or a lack of available funds, this is included in grants payable written back and included as income in the year that the commitment was cancelled.

23

THE STOLLER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

23. Group financial instruments
2022
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
565,708
Equity instruments measured at cost less impairment
288,414
Equity instruments measured at market value
7,696,042
Carrying amount of financial liabilities
Equity instruments measured at cost less impairment
5,436,261
24. Analysis of Group net assets between funds
All funds held by the charity and its subsidiary, SCT Climbing Limited, are unrestricted.
25. Reconciliation of net income to net cash flow from operating activities
Net (expenditure)/income for the reporting period as per
the statement of financial activities
Adjustments for:
Investment income
Loss(gain) on revaluation and sale of investments
Other movements on investments
Disposal of fixed assets
Depreciation
Amortisation
(Increase) in stocks
Decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2021
£
487,163
409,753
12,598,007		 2021
£
6,153,090
(230,283)
(4,857,723)
-
365,000
994
-
-
456,499
(2,499,524)
2,037,109
2022
£
(5,903,737)
(230,706)
41,038
(188,279)
-
64,899
1,500
(22,109)
207,537
3,432,032
(2,597,825)
(611,947)

24

THE STOLLER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2022

26. Analysis of changes in net funds

The Trust had no debt during the year.

27. Related party transactions

During the year, the charity made payments in respect of accountancy services of £15,032 (2021: £16,860) to Wrigley Partington, a partnership in which A P Dixon (Trustee) is a partner, and in respect of legal services of £11,980 (2021: £20,869) to Kuit Steinart Levy, a partnership connected to KSL Trustees Limited (Trustee).

The land held by the trust is in the name of KSL Nominees Limited who are connected to KSL Trustees Limited. The subsidiary also paid consultancy fees of £6,585 (2021: £nil) to Kuit Steinart Levy.

During the year, administration fees of £48,000 (2021: £44,250) and expenses of £246 (2021: £246) were paid to SKL Consultancy Limited. Mr S M Lowe DL is a director of SKL Consulting Limited, and also a director of the charitable trust’s subsidiary company SCT Climbing Limited.

During the year the charity paid grants of £243,024 (2021: £442,454) to Mahdlo (Oldham Youth Zone), an organisation of which trustee Sir Norman Stoller CBE KStJ DL is President.

During the year, Sir Norman Stoller CBE KStJ DL (trustee) donated shares in a listed company A O World PLC to the charity at their market value of £494,250 (2021: £529,422).

During the prior year, Lady Stoller (formerly a trustee) donated a property in Oldham, via a trust, to the charity at its market value of £200,000.

During the year, merchandise costs of £899 (2021: £nil) were paid by the subsidiary to Saville Stainless Limited. Mr L Walsh is a director of Saville Stainless Limited and also a director of the trust’s subsidiary company SCT Climbing Limited.

All of the above transactions have been carried out at arm’s length and are approved in advance, by the trustees.

Under the reduced disclosure framework, disclosure of transactions between wholly owned group members is not required.

25