SFTS Trustees Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Endsleigh House, Shurdington Road, Shurdington, Cheltenham, GL51 4UE.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
Income reflects the commissions receivable on insurance premiums sold during the year.
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
No tax liability arose in the current or prior year due to trading losses.
The average monthly number of persons (including directors) employed by the company during the year was:
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
As the income statement has been omitted from the filing copy of the financial statements , the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
During the year the company paid commissions it had received to SFS Group Ltd totalling £ 331,255 (201 9 : £ 391,668 ) to this company. The company also paid a management charge to SFS Group Ltd in respect of services rendered of £35,000 (2019: £35,000).
As at the year end, SFS Group Ltd owed the company £ 15,508 (201 9 : £ 254,658 ) in respect of loans made . The loans carry interest at a rate of 2.5 % per annum, with interest in the year totalling £ 6 , 523 (201 9 : £ 6 , 254 ). The loan is repayable on demand.
Donations were made to School Fees Charitable Trust in the year totalling £25,000.
All the above transactions were at arms length on normal commercial terms.