Sycamore Trust U.K. - Charities report - 20.2

REGISTERED COMPANY NUMBER: 05759929 (England and Wales)

REGISTERED CHARITY NUMBER: 1116697

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Sycamore Trust U.K.

Sycamore Trust U.K.

Contents of the Financial Statements

for the Year Ended 31 March 2020

Page

Report of the Trustees

1 to 4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7 to 8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11 to 17

Sycamore Trust U.K.

Report of the Trustees

for the Year Ended 31 March 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2020. The trustees have adopted the provisions of 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 2015).

The trustees consider the financial statements give a true and fair view.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charity are to provide relief for people with Autistic Spectrum Disorders, Learning Difficulties and associated disorders, their carers and families through the provision of advice, support, information and educational activities, aiding them towards equal opportunities and social integration.

Part of the activities of the charity continues to be to secure continuing finance to provide a consistent, supportive and stable environment for the people within its care.

Significant activities

In planning our activities for the year, we kept in mind the Charities Commission guidance on public benefit. The focus of our activities continues to the be support of individuals and families affected by Autism and/or Learning Difficulties.

An additional five year grant from the Lottery has allowed us to continue and expand the delivery area of our Parenting Pathways project. The BBC Children in Need grant has allowed up to develop SWAP (formally Way2Say) and has also attracted funding from London Borough of Barking and Dagenham as referrals from this Borough have been oversubscribed.

Our focus continues to identify ways to diversify our income and with the aid of an Enterprise Grant we have been able to set up a Trading Company to deliver our CPD accredited Autism Awareness Training which is delivered by the Autism Ambassadors.

The Awards for All Grant has identified a need for specific support for Girls and Women affected by Autism and we were delighted that Tudor Trust approved a three year grant to develop and deliver this service.

The demand for our services continues to increase and despite the economic climate we have managed to keep within our designated budget.

ACHIEVEMENT AND PERFORMANCE

Charitable activities - public benefit

The charity meets its public benefit obligations:-

By providing information and advice to people with ASD and their families.

By providing a range of structured leisure activities for children and young people with ASD.

By providing training via workshops and conferences for families and professionals with an interest in ASD.

By providing training and support. to parents/carers of pre-school children with communication difficulties

By providing individual support for young people with ASD.

By providing these services across the London Boroughs of Barking and Dagenham, Havering and Redbridge and surrounding areas where an equivalent service is not in place

By facilitating a forum for young people with ASD, allowing them to campaign for better access to mainstream activities (Autism Ambassadors)

By providing support and advocacy to Adults with Learning Difficulties

By providing support and education to Adults with Learning Difficulties empowering them to lead fulfilling lives where possible in the community

By providing support into education for young adults with complex needs

By providing support to young adults with Autism/Aspergers into employment

FINANCIAL REVIEW

Treasurer's Report

Firstly, I would like to thank the Board for their support, specifically Chris Gillbanks, our CEO and the rest of the Sycamore team for their resilience. I would also like to thank our independent examiner, Mr A.S. Robinson for his continued help and support in producing these accounts.

This is my second year as treasurer and trustee, both on a purely voluntary basis. The directors of the board also hold their positions on a purely voluntary basis and have not received any remuneration or claimed expenses throughout the year.

Sycamore has faced yet another challenging year for the financial year ending March 2020, with further economic constraints, especially effecting the public sector in which Sycamore operates. Despite this, once again, the Trust continues to maintain a very strong financial position and enters the next financial year in good health even though faced with ongoing Covid-19 pandemic with no clear end.

Principle funding is through grants being awarded, (in note 4) and to a lesser extent donations and contributions. Considering the mentioned constraints, philanthropic funds are up by 28%. Incoming resources were up 5% versus (1.5%) in the previous year.

Current reserves are £267,259, which represents approximately six months' worth of expenditure and is in line with Board policy. This acts as a buffer along with cash balances to continue operating activities in challenging times. The minimum reserves required to meet the Trust's ongoing and additional commitments would be £262,764 and free reserves are at £203,648, as at the balance sheet date.

It was agreed by the board of Trustees that £35k would be allocated to the marketing budget from the unrestricted reserves, which has resulted in a small deficit of £28k. This will be budgeted for the following year as a new item on the budget. At this point it is difficult to presume the charity will revert to a surplus due to the current pandemic but given the status of others in this sector having a free reserve, and slightly above required minimum reserve shows strong financial health of the charity and strong governance.

Investment policy and objectives

Due to the need maintain the liquidity of the charity funds the bulk of the charity's bank balances are held in an instant access bank deposit account. In addition, the charity has invested £175,000 in fixed term deposits which mature in August 2020 (£75,000), November 2020 (£50,000) and February 2021 (£50,000).

Reserves policy

The reserve policy and the level of free reserves (that is those funds not tied up in fixed assets or designated and restricted funds) deemed necessary to ensure prudent and viable management of the Charity is reviewed annually.

The trustees have considered the reserve policy and have concluded that the minimum reserve to be maintained should be at a level which ensures that the charity's core activities could continue for a period of six months during a period of unforeseen difficulty.

Going concern

The trustees consider the Charity to be a going concern and they are not aware of any material uncertainties which may cast significant doubt on this view. In addition they have a reasonable expectation that the Charity has adequate resources to continue for the foreseeable future.

FUTURE PLANS

Sycamore Trust U.K. in common with many charities have, in the past, relied on Statutory Agencies for a large percentage of funding. We recognize that in the current economic climate, we need to look at the ways in which we work and adapt our services and the way we sell them to fit the current market.

The changing external environment and the reduced levels of government expenditure are likely to make the environment even more competitive. We are aware that we will need to take some difficult decisions in ensuring our overall costs, including staff costs, are competitive.

Our challenge over the coming years is to, wherever possible, sustain current provision, and develop new services in line with the needs of our clients and to find new and diverse ways to generate income in order to maintain our service. We also need to look at ways of reaching out to current and potential stakeholders, encouraging them to support the organization and invest in the services we are able to offer.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was founded in 1995 as Parents of Autistic Children Together. The charity was incorporated as a company limited by guarantee on 26 March 2006 and is governed by its Memorandum and Articles of Association. The governing document was amended in 2011 to allow the charity to incorporate Barking and Dagenham Mencap. The charity re-branded and became Sycamore Trust U.K. in March 2014.

Recruitment and appointment of new trustees

The directors who are also the charity's trustees are appointed annually by the members of the company at the Annual General Meeting. Additionally, new directors may be appointed by the existing directors, subject to a maximum of twelve.

Organisational structure

The charity is run by the Management committee which consists of four officers and an elected number of members as decided at the Annual General Meeting of the charity. In addition, the Committee may co-opt representatives of the voluntary and statutory sectors with special interest.

Induction and training of new trustees

Most directors are already familiar with the practical work of the charity but all new directors undergo an orientation course to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association of the charity. The committee's decision making process, the business plan and recent financial performance together with Health and Safety regulations are all covered at the induction and a mentor will be assigned to assist the new appointee. Directors are encouraged to attend appropriate external training events to support the role they are performing.

Risk management

The directors actively review the major risks which the charity faces on a regular basis and believe maintaining reserves at current levels, combined with regular review of key financial systems, will provide sufficient resources in the event of any adverse conditions arising. The directors have also examined other operational business risks faced by the charity and confirm they have established systems to mitigate significant risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05759929 (England and Wales)

Registered Charity number

1116697

Registered office

27-29 Woodward Road

Dagenham

Essex

RM9 4SJ

Trustees

Vanessa Bennett

Judy Nair

Delia Rowley

- resigned 16.10.19

Joanne Margaret Baty

Nyomi Thompson

Lisa Healy

Independent examiner

A S Robinson

FCA

J P B Harris & Co.

Chartered Accountants

Harmile House

54 St Marys Lane

Upminster

Essex

RM14 2QP

Bankers

National Westminster Bank plc

27 High Road

Chadwell Heath

Romford

RM6 6QD

Chief Executive

Chris Gillbanks

Approved by order of the board of trustees on 14 October 2020 and signed on its behalf by:

Joanne Margaret Baty - Trustee

Independent Examiner's Report to the Trustees of

Sycamore Trust U.K.

Independent examiner's report to the trustees of Sycamore Trust U.K. ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA which is one of the listed bodies

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:

1.

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.

the accounts do not accord with those records; or

3.

the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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

A S Robinson

FCA

J P B Harris & Co.

Chartered Accountants

Harmile House

54 St Marys Lane

Upminster

Essex

RM14 2QP

4 November 2020

Sycamore Trust U.K.

Statement of Financial Activities

for the Year Ended 31 March 2020

31.3.20

31.3.19

Unrestricted funds

Restricted funds

Total funds

Total funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

42,354

-

42,354

32,993

Charitable activities

4

Charitable activities

181,210

271,012

452,222

438,161

Investment income

3

2,804

-

2,804

2,768

Total

226,368

271,012

497,380

473,922

EXPENDITURE ON

Charitable activities

5

Charitable activities

237,968

287,560

525,528

511,533

NET INCOME/(EXPENDITURE)

(11,600

)

(16,548

)

(28,148

)

(37,611

)

RECONCILIATION OF FUNDS

Total funds brought forward

215,299

80,058

295,357

332,968

TOTAL FUNDS CARRIED FORWARD

203,699

63,510

267,209

295,357

Sycamore Trust U.K.

Balance Sheet

At 31 March 2020

31.3.20

31.3.19

Unrestricted funds

Restricted funds

Total funds

Total funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

51

14,407

14,458

5,347

CURRENT ASSETS

Debtors

12

29,068

2,465

31,533

52,561

Investments

13

175,000

-

175,000

175,000

Cash at bank and in hand

30,553

85,920

116,473

153,011

234,621

88,385

323,006

380,572

CREDITORS

Amounts falling due within one year

14

(30,973

)

(39,282

)

(70,255

)

(90,562

)

NET CURRENT ASSETS

203,648

49,103

252,751

290,010

TOTAL ASSETS LESS CURRENT LIABILITIES

203,699

63,510

267,209

295,357

NET ASSETS

203,699

63,510

267,209

295,357

FUNDS

16

Unrestricted funds

203,699

215,299

Restricted funds

63,510

80,058

TOTAL FUNDS

267,209

295,357

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)

ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the

provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 14 October 2020 and were signed on its behalf by:

Joanne Margaret Baty -Trustee

Sycamore Trust U.K.

Cash Flow Statement

for the Year Ended 31 March 2020

31.3.20

31.3.19

Notes

£

£

Cash flows from operating activities:

Cash generated from operations

1

(23,770

)

(29,777

)

Net cash provided by (used in) operating activities

(23,770

)

(29,777

)

Cash flows from investing activities:

Purchase of tangible fixed assets

(14,726

)

(2,276

)

Interest received

1,958

2,768

Net cash provided by (used in) investing activities

(12,768

)

492

Change in cash and cash equivalents in the reporting period

(36,538

)

(29,285

)

Cash and cash equivalents at the beginning of the reporting period

153,011

182,296

Cash and cash equivalents at the end of the reporting period

116,473

153,011

Sycamore Trust U.K.

Notes to the Cash Flow Statement

for the Year Ended 31 March 2020

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.20

31.3.19

£

£

Net income/(expenditure) for the reporting period (as per the statement of financial activities)

(28,148

)

(37,611

)

Adjustments for:

Depreciation charges

5,615

6,340

Interest received

(2,804

)

(2,768

)

Decrease/(increase) in debtors

21,874

(25,623

)

(Decrease)/increase in creditors

(20,307

)

29,885

Net cash provided by (used in) operating activities

(23,770

)

(29,777

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.19

Cash flow

At 31.3.20

£

£

£

Net cash

Cash at bank and in hand

153,011

(36,538

)

116,473

Liquid resources

Current asset investments

175,000

-

175,000

Total

328,011

(36,538

)

291,473

Sycamore Trust U.K.

Notes to the Financial Statements

for the Year Ended 31 March 2020

1.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.

ALLOCATION AND APPORTIONMENT OF COSTS

Costs are directly attributed to the charitable activities on a basis consistent with the use of those resources. Support costs comprise those costs which do not directly reflect charitable activities and include independent examination fees and affiliation costs.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

- 25% on cost

TAXATION

The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

31.3.20

31.3.19

£

£

Donations

13,116

8,489

Subscriptions

2,850

2,660

Donated services & facilities - holiday

8,402

10,690

Other income

4,214

1,233

Leisure activities

7,120

4,660

Contributions to client holidays

5,652

4,391

Rent income

1,000

870

42,354

32,993

3.	INVESTMENT INCOME

31.3.20

31.3.19

£

£

Deposit account interest

2,804

2,768

4.	INCOME FROM CHARITABLE ACTIVITIES

31.3.20

31.3.19

Activity

£

£

Support work

Charitable activities

38,513

33,704

Grants

Charitable activities

413,709

404,457

452,222

438,161

Grants received, included in the above, are as follows:

31.3.20

31.3.19

£

£

City Bridge Trust

43,275

37,925

Jack Petchey

2,250

2,250

London Borough of Barking & Dagenham

55,598

55,599

London Borough of Havering

80,000

82,333

London Borough of Redbridge

10,000

12,500

Other grants

-

20,000

Awards for All

4,058

5,681

National Lottery Grant

79,236

39,969

Glynn Hopkin

6,755

95,266

BBC Children in Need

40,035

41,209

Greater London Authority - Young Londoners

46,900

11,725

National Lottery Grant (Capital Grant)

15,000

-

Social enterprise

21,052

-

Tudor Trust - Girls' Autism

4,833

-

LBBD - early years

4,717

-

413,709

404,457

5.	CHARITABLE ACTIVITIES COSTS

Direct costs

Support costs

Totals

(See note 6)

£

£

£

Charitable activities

521,634

3,894

525,528

6.	SUPPORT COSTS

Governance costs

£

Charitable activities

3,894

Support costs, included in the above, are as follows:

Governance costs

31.3.20

31.3.19

Charitable activities

Total activities

£

£

Accountancy and legal fees

2,820

2,820

Subscriptions

1,074

1,553

3,894

4,373

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.20

31.3.19

£

£

Depreciation - owned assets

5,615

6,341

Other operating leases

35,001

32,753

Independent examination

2,820

2,820

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2020 nor for the year ended 31 March 2019.

The Charity provides professional indemnity insurance cover, for trustees and officers.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 March 2020 nor for the year ended 31 March 2019.

9.	STAFF COSTS

31.3.20

31.3.19

£

£

Wages and salaries

354,122

346,685

Social security costs

22,560

20,501

Other pension costs

11,113

8,546

387,795

375,732

The total remuneration of key management personnel amounted to £52,333 (2019: £47,158).

The average monthly number of employees during the year was as follows:

31.3.20

31.3.19

Chief executive

1

1

Direct charitable work

33

29

34

30

No employees received emoluments in excess of £60,000.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted funds

Restricted funds

Total funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

32,993

-

32,993

Charitable activities

Charitable activities

184,155

254,006

438,161

Investment income

2,768

-

2,768

Total

219,916

254,006

473,922

EXPENDITURE ON

Charitable activities

Charitable activities

233,157

278,376

511,533

Total

233,157

278,376

511,533

NET INCOME/(EXPENDITURE)

(13,241

)

(24,370

)

(37,611

)

RECONCILIATION OF FUNDS

Total funds brought forward

228,540

104,428

332,968

TOTAL FUNDS CARRIED FORWARD

215,299

80,058

295,357

11.	TANGIBLE FIXED ASSETS

Plant and machinery

£

COST

At 1 April 2019

66,091

Additions

14,726

At 31 March 2020

80,817

DEPRECIATION

At 1 April 2019

60,744

Charge for year

5,615

At 31 March 2020

66,359

NET BOOK VALUE

At 31 March 2020

14,458

At 31 March 2019

5,347

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

17,436

29,112

Prepayments and accrued income

14,097

23,449

31,533

52,561

13.	CURRENT ASSET INVESTMENTS

31.3.20

31.3.19

£

£

Cash held on deposit bonds

175,000

175,000

Current investments are bank deposits which are for terms of one year or less.

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

11,615

15,477

Social security and other taxes

6,361

-

Other creditors

-

975

Accruals and deferred income

52,279

74,110

70,255

90,562

Deferred income comprises income received in advance of the time period to which it relates.