SOUTHWARK CATHEDRAL EDUCATION TRUST Report and Financial Statements For the Year Ended 31 March 2021 Charity number 1058369
SOUTHWARK CATHEDRAL EDUCATION TRUST CoNTEKrs PAGE Reference and Administrative Details Trustee Flesponsibilities Annual Flew)rt 01 th8 Trustees Independent Examinerfs Report Statement ol FinarKial Activihes 8alan¢e Sheet Gashflow Statement 10 Notes to the Financial Ststements
SOUTHWARK CATHEDRAL EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DEfAILS CHARfTY FIEGIsTRATjN NUMBER: 105&369 TRUSTEES: The Very Reverend Andrew Nunn Mr Cdin Powell Professor Peter Toyne CBE The Aeverend Canon Dr Amar)da Ford Mrs nda Hutchinson MrAmir Eden Mrs H818n Quintrell Mr Nichola5 Chapman Reverend CarK)n Wendy RoL*)ins Apwnt8d 30 Sep 2020 Reswned 31 Ju12020 Reswed 31 Ju12020 REGISTERED ADDRESS: Leaming Cenlre Soulhwark Calhedrnl Monlague Close London SE1 9DA INDEPENDEMr EXAWNER: Tu(k)r John Lid Chartered Aw)untants Nightingale Hous8 46148 East Street Epsom Surrey KT171HQ BANKEHS: CAF Bank Limf(ed 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ The CBF Church of EngLand Funds eo CheapsKle London EC2V 60Z soLIOR9. Winckworth Sherivo(MJ. 35 Great Peter Street. Westminsler. London SW1P 3LFI
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OFTHE TRUSTEES The Trustees ar8 responsible lor preparing the Annud Report and the tinanckal statements in accordance with applicabl8 law and United Kingdom Generally Accepted Accounting Practice. Charty law requires the Trustees to prepare financial ststements lor each financial yearwhich give a true fair view of the stale of affairs of the charity and ol the income arwj expenditure of the charity forthal period. In preparing those finanGial sLqtement8, the Irustees are required to: select suitable accounting F1leS then 4)pty them consistenty: obsorve methods and prinaples in the Charty SORP" make judgments and eslimates that are reasonable and prudenl", prepare financlal statemenls on the going coreM basis untess it is inappropriat9 to presume that the charity will continue in operation. The Trustees are responsible for kaeping proper accounting re¢ords which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with law applicable lo charities. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention ddection of fraud and 0th8r iTf8guLqriknes.
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OF THE TRUSTEES The Trus188s pr8sent their Annual Report and financial statewts for the year ended 31Zt March 2021. OBJECTIVES AND AcTIVlEs Southwark Cathedral Education Trust, the Trusf. operates a Leaming Centre whtch airTrs to provide opportunf(ies for children, families and adults lo leam about the Chrrstian larth in ways which stimulate curiosity. awe and wonder In the unique setting ol Soulhwark Cathedral. The centre provides ¢urrKulum-linked IraiLs, workshops and Ih8med days for children and young adutts wrth the aim to educate in an exciting, engaging and experiential way. The Trustees hav9 had regard lo the Charty Comrnissi( GuJance on delivering public benefft. STRUCTURE, GOVERNANCE AND MANAGEMENT The Tnjst is controlled ty its constitution and represents an unirKorwraled charity. Trustees are appointed in aGcordance wf(h ihe constitution to have indepeTrJent control. arKI legal responsibilty for. the charty's manag8m8nt and administration. TRUSTEES The Current trustegs are shown on page 2. Mr Colin Powell resigned on 31 Jujy 2020. The Reverend Canon Dr Amanda Ford resigned on 31 July 2020 and Th8 Revarend Canon Wendy Robins was apFX)inlgd in September 2020; all other Trustees served throughout the pericml. The Trustees give their time Ireety and receive rn rernuneratn or other financial b8nefTts. No Trustee had any b8n8h.cial interest in the Trust in 2021 or 2020. AcH1EVEMEPs AND PERFORMANCE PRINCIPAL ACTIVITIES The principal aGtivities of the Trust are to edwte chihJren and young adults by using the Cathedral as an educational resource. During th8 year, the Leaming Centre worked with O vtsitors 12020: 6,356). This was due to regtrictions during the Coronavin pandern. Vl8lt¢x Numbers 31sr PAARCH 21 31ST MAACH 2) Primary Secondary Adults IINSETI 973 75 6356 MAINAcHIE¥EMES Ahhough we have not worked with schwls this year, we have continued to achieve our charitable objects through our widèr work with children, young people and families. Working with the London Faith and Heritage Leaming Netwoth, a series of'Heahhy Half Term, videos was produced lone Irom each OTganisalion' ours focus8d on the Cathedral's historic links with St Thomas, Hospital) to extend our reach lo communities in London and beyond. wr(hin the Cathedral ngregatIon. we have suprted families vka a bbg and resource packs to 8nable them to worship and leam about aspacts ol faith logether at horne. When we have been able. we have also provided sem-guided activities and a famity seNice in the Caihedral. W8 have also taken lime lo revi9w our programme to ensur9 that il addresses our obi8ctiV88 and suptx)rts lh8 RE curriculum I1¢Xal agread syllabuses and the Diocesan RE syllabus). As a mgrnber of the Diocesan Advisory Group for Ministry among Childr8n and Young People, and the Borough of Southwark's Standing Advisory Committee for Religious Education ISACREI. the Education Off er has continued lo contribute fflor8 widety to ministry among children and families as well as to AE in Southwarf('s sehools.
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OF THE TRUSTEES OPERATIONAL REVIEW Sustained and continuing periods ol kKkdown and other restrictions as a result ol the coronavirus pandemic have had a significant impact on the financial year ending March 31st 2021. The Centre's Ib4uid reserves have sustained it through the year, along wilh the agreement wilh the Cathedral to finants some aspects ol the Leaming Centre's work. The regerves remwn strong. but the Trustees wll need to continue to review the scope of the Learning Centre's wo as the Board ntInueS to secure a stable finanual future for the Gerrtre. Current plans incIJe wider involvement in the Cathedral's leaTning programme, including learning among adults. MOSTPOPULAR TIIAILS NIA MOSTPOPULAR WORKSHOPS NIA VOLUNTEERS We hav8 maintsined conta¢t with our team ol volunteers throu9houi the past year. However. they have been unable to b8 actively Invoed in the work of the L8arning Centre. The volunteers are vital to our worf(, and we will n88d to look to rebuilding the team wh&n school visrts r&wme. FINANCIAL REVIEW Due to Covid-19 restriclions schools have been unable to visit Southwark Cathedral. This reduced school visit in¢ome in 2021 to nil 12020 £29.326} and had a SignifnI impact on the finances of the charity. The Coronavirus Job Retention Scheme ICJRSI mf(igaled some of the adverse fi'nancial impacl of the crisis. however notwr(hsianding this the Trustees still had lo make the drfficuR dl$lon to make a member of staff redundant during the year. When COVKI restriclions lift r( i8 hoped that the charity's financgs will slowty retum lo nomial. The charity will once again be able to w81come and to inspire hrge numbers of young people wflh th8 rich history, art and ar¢hitecture of Southwark Cathedral and to allow them to wor)der in person. not remotely, al an ancient sacred space. The financial results lorlhg yearare set out in the'lncome Statement, on page 8 and show a deficit 01 £20,60312020', deficit of £5.6151. Total funds at the end ol the year anN)unts to £108,604 {2020: £129,207). these funds are held lor lutura usa in the charitys actNities to ensure continuty.
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORTOFTHE TRUSTEES RISK POLICY The Trustees have conducted a review of the major risks to whieh the Leaming C8ntre is exposed. as required by SORP 2015, to ensure the effectiveness of its intemal operational and thnartial control systems. The table below identtfies the live rnaior risks. their p)ssible impact on the Centre and the rrSureS taken to minimize such ris RISK IMPACT MEASURES TO MINIMISE RISK SAFEGUARDING CHILOREN. STAFF NDVOLupllEERS . Exposure to ph¢ ar emotional dang8r . Reputal"onal damage to th¢ Cenlre and the Cat1 • Safeguarding and Heatth & Saf8ty poScies . High 8(bxatK)nal standarts en)8 . Fomial wrurtsnent procedure . AttèntK)n paid lo chiklren wrth wi81 needs . Maintènar¢e o! resou and 8gU.i)rnent . FOrrn rruitrnent Pr)[05 . A¢tive line management In seNKe training • ReguL8r rspoibng to Matwgemenl Committee • Flegular le9thk from schoolg . Occa&onal external Irsli0n R8gular TnL8lee meetirwJs RoiKJst and clear reports to Trustees • Règular reportirrfJ to other stskehoklgrs. e.g. cathed Chapter and fundèrs . Trustees are e>PerIead indidUal8 with knowJ8dg8 01 educath)n amdlor of the Cathedraf and its rnis5n POOA PERFOHMAKE BY PAID AND VOLUNTAA Y STAFF • EdWln81 quality reaSeS R&dy¢litsn in nurTknrs ol visits • Aeputab"onal damage for the Centre and lh& Cathsdr • Centro faiL8 Io Lyhold cathed I Christian vatues & ethos PcL)R 130YERNAPICE • Loss of stratsgic threclic Lack of devekjent RelatK)nship wth Calhgdral weakengj Staff arKI Voluntee unrnonitod aThJ unmothted INAOEQLIATE FUNDFIsl(l InaLx"lty to sus18in a lull and excrtwj range of trails and workshcps . Lory temi viablty ol tho ¢entre Regular agenda item lorTrust895 • Fin8n¢iaJ reserves to protect awrk8t short term deklts FINANcL UISMANAGGIIENT . Erro In Fm•Kial Statements Financial Fraud . Loss ol C¢N)ffide by . Rewlar reportir¥J to Tntstees Experienced and qualified Tr•asur8r Dual control over all payments . Annu Ind8pendent ExaminatK)n Approved by the Trustees and signed on thair behaw by: The Very Reverend ArKlrew Nunn Trustee Date.. 27 September 2021
SOUTHWARK CATHEDRAL EDUCATION TRUST INDEPENDENT EXAMINER'S REPORT I report on the accounts for the year eThYed 31 March 2021 set out on pages 8 to 12. R•sp•ctiv• responsibilities of Intsleeg and examiner The charty's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required lor this year lurmler Section 144121 of the Chanties Act 2011 {the 2011 Aclll and that an indeperant examination is requiTed. It is my responsibility to: examine the accounts under Secknon 145 of the 2011 Act lo follow the prcKedures laid down in the General Directions gNen by the Charity Commission (under Section 14515llbl ol tho 2011 Act).. and lo state whether particular matters have ¢ome to ry attention. Basis of the indePdnI examinerfs report My examination was carri8d out in accOrdare wth the General DirectH)ns given by the Charity Commission. An exarnination includes a review of the accounting records kept by the charity and a comparison of the acc¢)unts presented with those rOrdS. It s0 includes consideration ol any unusual items or disclosures in the a¢counts, and seeking explanations from you as trustees corKetning any such matters. The procedures undertaken do not provide all the evidence that woukl be required in an audit. and consequentty no opinion is gNen as lo whether the accounts present a Irue and fair view ' and the reF(fyrt is limited to those matters set out in the statements below. Independent examin8Vs statement In connection with my examination. no matter has com8 to my attention: which gNes me reasonable cause to believe thaL in any material respect. the requirenIS lo keep aGcounting records in accordarte with Sectk)n 130 of the 2011 Act; aThJ to prepare accounts which accord the accounling records and to comply with the accounting requirements ol the 2011 A have not b99n met: or 12} to which, in my opinion. attention shoukj be drawn in order to ènable a proper understanding ot the accounts to be reached. H Day Bsc IHons) FCA DChA Tudor John Ltd Nightingale House 4&48 East Street EpsoTn Surrey KT17 1HQ Date..
SOUTHWARK CATHEDRAL EDUCATION TRUST STATEMENT OF FINANCIAL AcnvrTIES- FOR YEAR ENDED 31SY MARCH 2021 Notes 31st March 2W21 Reslncted Unrestrictad Totat Funds Funds Funds 31st March 2020 Restricted Unreslricled Funds Funds Total Funds Incoining Grants recewed Donations GrftAid Incorne from schools Investment income [3] [4] 36,629 36,629 4,540 1.081 29.017 29,017 6,704 1.406 29,325 29.325 911 911 38,346 67,363 4.540 1.081 6,704 36.629 6.124 42,753 29.017 6 Exoep.drl Salaries and pens Rent and services Depreciation Other expenses 16.629 22.060 38.689 10,542 20.OLKI 20,OC 35,51)J 46.042 20.)0 404 6.532 72,978 [61 2,264 38,893 1.999 4263 24.463 63.356 157 6,375 42,279 30,699 Net incoming I loutgoing} rgsources {18,3391 {20.6031 150 118,189) 120.603) (1.6821 11501 11,832) 13.9&31 15,6151 150 Transfers between lunds Net movement in funds {150) (2,414) (3,783) {5,615) Total lunds brought forward Total funds cayried forward 2.714 126.493 129,207 4.546 130.276 134.822 300 108.304 108,604 2.714 126,493 129,207
SOUTHWARK CATHEDRAL EDUCATION TRUST BALANCE SHEET- AS AT 31ST MARCH 2021 Not•s 3151 March 2021 31st March 2020 Non.Current Assets Tangible Fix8d Assets 808 1.212 Currenl Assets Debtors.. amounts falling due wilhin one year Cash al bank and in hand 2,149 108.751 110,900 1.406 142.326 143,734 Current Liabilities Creditors: amounts Iling due within one year 19] 3,104 3,104 15.739 15.739 Net Currgnt Assets 107.796 127.995 Net Assets 108,604 129.207 Representlng.. Unrestricted funds Restricted funds 110] [101 108.304 126,493 2,714 Total Charity Fund$ 108.604 129,207 The financial statements were approv8d by the Board of Trustaes on 27 September 2021 and were signed on its behalf by= The Very Reverend Andrew Nunn TTUStee
SOUTHWARK CATHEDRAL EDUCATION TRUST CASHFLOW STATEMEKf- FOR YEAR ENDED 31ST MARCH 2021 Notes 31st March 21 31s1 March 2020 Cash flow8 from oporaling activities Cash g8neral8d from operations [11] 133,577) 7,106 Cash flows Irom investing activilios Purchases of Fixed Assets {1,6161 Net change in ¢ash and cash equivalents in the reporting period (33.577} 5,490 Cash and cash equivalents at the beginning of the year 142.328 136,838 Cash and cash equivalents at the end ol the reportlng peri<>d 108,751 142,328
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL SrATEMEMfs - FOR YEAR ENDED 31sr MAFICH 2021 1. GENERAL INFORMAMON The Soulhwark Calhedral Education Trust is a registered charity whth operates the Southwark Calh8dral Leaming C9ntre. The charity is contro118d by tts goveming document and constitutes an unincorForaled charity. The prfncipal aGINities of the Tnjst ar8 to educate children and young adutts by using the Cathedral as an educational resource. The registered address of the charity is: Education C8rrtT8 Southwar1( Cathedral Monlague Close London SE19DA These financial statements have been prepared under the historical cost convention. and in accordanca with the "Statement of Recommended Practice.. Accourrting and ReF)Orting by Charitb8s° SORP IFRS 1021. The financial statements have been prepared on the going concem basis and are present8d in Sterling, the functional currency ol the Trust. rounded to the nearest £1. 2. AccouNTING POLICIES INCOMING RESOURCES All irKoming resources are included on the Ststemenl ol Financial Actrvities when the Trust is le9alW entrtled to ihe income and the amount can b8 quantrfied with reasonable accuracy. Unrestricted fLtnds Can be used in accordanGe with the charitable objectives at the diretIOn ol the Iruste8S. Restricted funds can onty be used lor particular restricted purposes within the objects ol the Trust RestrictiOTbS arise when specrfi&Y by the donor or %then funds are rak8ed for partKular restricted purposes. Designated funds are those unrestricted rrN)ni8s which the trustees have decidgd to set aside for a specrfic purpose or for use in a specific period. RESOURCES EXPENDEO Expenditure is accounted lor on an accruals basis and has been classthed under headings which aggregate all cosl related lo that category. Where cosls cannot be directy attributed to particular headings they have been allocated to aclivtties on a basis conskslent with the uso of resources. TANGIBLE FIXED ASSETS Tangible Assets above £500 are capitalised on the balance sheet as fixed assets. Fixed assets are stated in the accounls under the historical costs basi5 less a¢¢umulated depreck4tion. Depreciation is provKled al the following annual rates. Fixtures and ffttings 25% FINANCIAL INSTRUMENTS Financial instruments a classffied and accounted for, according to the subslance of the contractual arrangement, as either financial assets, linancial liatililies or equty instruments.
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMEKfs- FOR YEAR ENDED 31ST MARCH 2021 3. GRANTS RECEIVED 31st Marth 2021 31st March 2020 Restricted Funds Soulhwark Cathedral Coronavirus Job Ratentn Scheme Cathedral Partnership Isoulhwark Calhedrall SLCF & SDBF South London Church Th8 Worshipful Company of Laundere 8.533 8,096 4.917 3,500 36.629 29,017 RESTRICTEO FUNOS During the yearthe charity rerHved a donation ot £20,¢J)) ISfJ20- £20,(KM)I, from Southwark Cathedral whlch represents the donatw)n ol rental space occupi8d by the EducatN)n Centre. In addition the chanty received a grant of £8,096 from Southwark Calhedral12020 £4,917) lo fund the Education olcer and AdminislratoV5 contribution in support of the Cathedral's broader mission with families and children. The Very Reverend Andrew Nunn. a trustee ol the charty, is also the Dean ol Southwar1( Cathedral. The amunt receNed from the Coronavirus Job Retention Scheme grant is with respect lurfoughed ststt during the partdemic. UNHEST A5CTEO FUNDS There were no grants received wf(h respect to unre5trict8d furKts in 2021 12020: nil) 4. DONATIONS Circle of support donations are from a group of people who value the a(fvantages given by th8ir own education to want to erTrge the centre in its wort by making a commtlment to help wflh our lunding. 31st March 21Y21 31* March 2020 Unrestricted Funds Circle Of Support Donations 6,065 639 4,540 6,704
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMEMfs- FOR YEAR ENDED 31 sr MARCH 2021 5. EMPLOYEE COSTS 31st March 2021 31st March 2020 Wages and salaries Social security costs Defined contribution pgnsion costs 37,018 43.391 605 1.671 2.046 38,689 46,042 No employee has received total employee beneftts of more than £fLI,C(Kl. The number ol employees per month was two until August, (the Education Off er and Education Administrator) and then reduced lo one thereafter following the redundancy of the Education Administrator. TRUSTEES REl41UNÈRA TION No Irustees received any remun8ralion or other benefts in reSt of seryices rendered to the Trust OT the years ended 31 March 2021 and 31 March 2020. PENSION SCFIEME Soulhwark Cathedral Education Trust arrangements for the provision of pension benefits con5i5ts of a defined contribution scheme which. ContributKins into the schema during the period were £1.671 12020- £2,046). 6. OTHER EXPENSES 31 March 2021 3181 March 2020 Education supplies Insurance Workshops & volunteers Bank chargos Flepaym8nt of Resource Exchange grant Other expenses 3,486 140 345 100 140 69 2.264 1.727 2,461 4.263 6.532 Govemance Gosts of £1,270 are included in Other expenses.
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMEiifs- FOR YEAR ENDED 31 ST MARCH 2021 7. TANGIBLE F£D ASSETS FIuRes AND FITnNGS TOTAL C05T As al 151 April 2020 Additions As a 31 Yt March 2021 5.860 5.860 5,860 ACCUMULATED DEPRECIATION As at 1 gt April 2020 Charge lor the year As at 31* March 2021 4,648 404 5,052 4,648 404 5,052 Nel Book Value at 313t March 2020 1,212 1,212 Net Book Value at 31" Mar¢h 2021 808 808 8. DEBTORS: AMOUNTS FALLING DUE wfTMIN IJYE YEAR 31¥t Marth 2021 31st March 2020 ArThJunls owgd from schools Other debtors 2,149 2,149 1.406 9. CAEDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31st March 2021 31st March 2020 Accrued expenses Deferred income 1.260 1.844 10.911 4.828 3,104 15,739 Deferred InMe comprises 5cFwJol incom9 which has been eNed in adVar9.
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMEprrs- FOR YEAR ENDED 31ST MARCH 2021 10. ANALYSIS OF CHARITABLE FUNDS Restricled Funds Unrestricted Funds Totsl Funds at 1 st April 2019 Incoming resourGes Resources expended Transfers between funds Total funds at 31, March 2020 130,276 134,822 67,363 172,9781 29.017 130.6991 11501 2.714 (42,2791 150 126,493 129,207 Funds at 1S1 April 2020 Incoming resources Resources expended Transfers belween funds 2.714 126.493 6.124 (24.4631 150 129.207 42.753 163,3561 138.893) 1150) 300 Tolal funds at 3161 March 2021 108,304 108,604 The Iransfer between lunds of £150 relates the Grant from the Worshipful Company of Launderers b8ing utilised over four years to correspond with the useful economic lrfe ol the fixed assets purchased with the grant. 11. RECONCILIATION OF NET INCOMEI{EXPENDrruRE} TO CASH FLOW FROM OPERATING ACTivmES 31st March 2021 31st March 2020 Net incomellexpgnditure) for the reporting period Adjustments for: Depreciation on fixed assets Decrease I lincreasel in debtors Increaselldecr8ase) in credrtors {20,6031 {5,615) 404 {7431 112.6351 404 1,489 10.828 Net cash provided byl {used in) operating activities 133,577) 7,106