SOUTHWARK CATHEDRAL EDUCATION TRUST Report and Financial Statements For the Year Ended 31 March 2024 Charity number 1058369
SOUTHWARK CATHEDRAL EDUCATION TRUST CONTENTS PAGE Reference end Administrative Details Trust8e Responslbllili8S Annual Report of the Trustees Independent Examlner's Report Statement of Flnancial Activities Balance Sheet Cashflow Statement 10 Note8 to tho Flnanclal Stat8m8nts
SOUTHWARK CATHEDRAL EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS CHARifi REGISTRATION NUMBER: 1058369 TRUST2E8: The Reverend Canon Wendy Robins The Very Reverend Dr Mark Oakley - 8ppoint8d January 2024 Mrs Linda Hutchinson Mrs Rosalin(J Cordner Mrs Helen Quintrell Professor Peter Toyne CBE - reslgned Aprll 2024 Mr Amlr Eden - reslgned June 2024 Mr Nicholas Chapman - resigned January 2024 Mr Cherles Edward Lord OBE - 8ppointad January 2024 1resigned November 2024 REGISTERED ADDRESS: Leaming Centre Southwark Cathedral Montague Close London SE19DA INDEPENDENT ExAMIN8R: H Day Bsc (Hons) FCA DChA Xeinadin Chartered Accountant5 Nlghtlngale House 46148 East Street Epsom Surrey KT17 1HQ BANKERS: CAF Bank Limited 25 Kings Hill Avenue Kings Hill West M811ing Kent ME19 4JQ Th8 CBF Church of England Funds 80 Cheapside London EC2V 6DZ SOLICITORS.. Winckworth SheNood, 35 Great Peter Str8et. Westmlnster. London SW1P 3LR Report and Financial Statements - March 2024 Page12
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OF THE TRUSTEES The Trustees are responsible for preparlng the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law requires the Trust8es to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe methods 8nd principles in the Charity SORP. make judgments and estimates that are reasonable and prudent; and prepare financial statements on the going concem basis unless it is inappropriate to presume that the charlty will continue in operation. The Tru8te8s are re8ponslble for keeplng proper aGcountlng records whlch dlsc108e wlth r8a80nable aGcuracy at any time the financi81 position of the charity and to enable them to ensure that the financial st8tements comply with law applicable to charities. They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and olher irregularities. Report and Financi81 Slalemenls- March 2024 Page13
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OF THE TRUSTEES The Trustees present their Annual R8POrt and financial statements for the year ended 31 $1 March 2024. OBJECTIVES AND ACTIVITIES Southwark Cathédral Educatlon Trust. the "charftf, operates a Leamlng Centre which aims to provide opportunities for children, famili8s and adutts to leam about the Christian faith in ways which stimulat8 curioslty, aw8 and wonder in the unique setting of Southwark Cathedral. The centre provides curriculum-linked trails, workshops and themed days for children and young adult5 Wlth the aim to educate In an excillng, engaging and experlential way. The Trustees have had regard to the Charity Commission Guidance on delivering public benefit. STRUCTURE, GOVERNANCE AND MANAGEMENT The charlty Is controlled by Its constltution and represents an unlncorporated charily. Trustees are appolntad In accordance with the constitution to have Independent control, and legal responsibility for, the charity's rnanagemont and administration. TRUSTEES The current Trustees are shown on page 2. The Very Reverend Dr Mark Oakley was appointed In January 2024, Mr Nlcholas Chapman resigned In January 2024. Professor Peter Toyne CBE resigned in April 2024, Mr Amir Eden resigned In June 2024 and Mr Charles Edw8rd Lord OBE was 8ppointed In January 2024 and subsequently resigned In November 2024. All other Tnjstees served throughout the period. The Trustees give their time freely and receive no remuneration or olher flnanclal beneffts. No Trustee had any ben6ficlal Interest In the charity in 2024 or 2023. ACHIEVEMENTS AND PERFORMANCE PRINCIPAL ACTIVITIE5 The prfnclpal activltles of the charlty are to educate Chlldren and young adults by uslng the Cathedral a8 an educational resource. During the year, the Leaming Centre worked with 3,487 visltors {2023,' 2,648). Vl•ltor Numb•r• 318T MARCH 2024 31•T MARCH 2023 Prlmary Secondary AduKs LINSETI_- 3,089 349 49 3,487 2,390 240 18 MAN ACHIEVEMENTS This year has seen school visit numbers increase on the previous year despite some signlficant setbacks when tho Learning Centre teaching space became unusable for several months due an Issue wlth the celllng. Our focus has continued to be on maintaining high-quality education session deliveryatthe Cathedral whilst simultaneouslyworking on strategic developmenl planning. We successfully recruited two new volunteers to the teem, one to jo5n the exlsting leaming facllltation team and the other to support administration wtth the alm of freeing up some of our Manager's tlme to be able to develop and expand our programme. We have b88n attracting new schools to Ihe Cathedral Including several schools wlth high levels of students facing social and economic disadvantage who were able to access free visits through a new bursary scheme. Our school tralls remain our core actlvity. On top of these we have contlnued to offer 'pop-up' famlly actlvltles In the school holldays in partnershlps with other local heritage providers. We have also continued to strengthen our relationship with the Southwark Diocesan Board of Education, partnering wth them to support their teacher contlnulng professional development sessions ft)r Early Career Teachers and teacher5 who are new to diocesan schools, as well as co4elivering their annual Joumey to the Manger event for Year 2 students from across the diocese. Repori and Financial Slalemenls - MarGh 2024 Page14
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OF THE TRUSTEES OPERATIONAL REVIEW The Education Officer (now called Leaming Centre Manager) has continued in post for a second year on a part-time, permanent basis. Having reduced staffing levels durin9 the pandemic, our work continues to be supported by a team of experienced volunteers. The Leaming Centre Manager has h8d some success in recruiting new voluntears, but this continues to be a priority area for the nexl financial year. Essential maintenance to the Learnlng Centre's dedicated classroom required a complate relocation of the centre to the nevly vacated Cathedral shop space. The team manag8d this relocation proc8ss wilh mlnlmal impact to core programme delivery. Visitor numb8rs were negatively impacted when some visits had lo be cancelled and reimbursed because there was no teachlng space for handSn workshops durlng the large-scale exhlbition 'Museum of the Moon, in October 2023. Heritage education grant fundlng remains dlfficult to find but wa have r8¢elved a grant that had enabled the Learning Centre Manager to develop a bursary scheme and a second small grant to support core costs. MOST POPULAR fRAILS ExplorFng Christian Symbols, Religlon In Roman Brltaln MOST POPULAR WORKSHOPS Candl8-Making, Stained glass VOLUNTEERS The Leamlng Centre Is supported by 12 actlve volunteers. The volunteers are vltal to our work. They bring a wealth of experlence to the tralls and workshops which they support. FINANCIAL REVIEW The Leamlng C8ntr8 allows students to engage wlth hlstory and heritage at Southwark'8 Stunnlng Cathedral. rlch In art, architecture, symbolism and worship tradition5 which all0v the charty to provide a leaming experience well beyond the scope of most classrooms. Arthough our activit1•8 were In hlgh demand wlth schools during the year, unscheduled malntenance to our dedicated classroom space constrained vi8ltor numbers and resumed In a small deficit. We contlnue to be very grateful to all our funder8, our Circle of Support 8nd grant funders as well as our volunteers who help mak8 the work of the Leamlng Centre posslble. The flnanclal results for the year are 88t out In the 'lncome Statement, on page 8 and show a deflclt of £2,938 (2023: deficlt of £1.593). Tolal funds at the end of the year amounts to £109,364 (2023: £112,302), these funds are held for future use in the charity's actlvitles and to ensure continulty. Report and Financial Slalemenls - March 2024 Page15
SOUTHWARK CATHEDRAL EDUCATION TRUST ANNUAL REPORT OF THE TRUSTEES RISK POLICY The Trustees hav8 conducted a review of the major risks to which Ihe Learning Centre is 8xposed. as required by the Charily SORP, to ensure the effectiveness of ils intemal operational and finanGial control systems. The table below identrfies the five major risks, thelr possible impact on the Centre and the measures tsken to minimiie such risk. RISK IMPACT MEASURES TO MINIMISE RISK SAFEGUARDft4G CHILDREN, STAFP AND VOLUNTEERS • Exposure to physical and emotlon81 dangèr R8pulalional damag8 to the Centre and the Cathedral Safeguarding and Hearth & Safety pollcles • High educatlonal standards enacted Fomal recruitrnent procedure • Attention paid to children wtth speelal needs maintenan of resources and equlpment • Fomial recruitment procedures Acllve Ilne management In servlce tralnSng Regular reportSng to Trustees Regul8r feedback from schools Occaslon81 oxtemal inspection • Regular Twsleg meeltngs Robust and clear reports to Trustees Règular reportlng lo othar 5tskgholders, e.g. Cathèdral Chapter and funders • Trust88s are ewerlenced indlvlduals wfjth knowtodg8 of education andlor of th6 Cathedral and its mission POOR PERFQRMAN¢E BY PAJD *J40 VOLUNTARY STAFF • Educatlonal quallty decreases Reduction In numbers of vlsits Reputational damage for the Centre and the Cathedr81 Tho C8ntr8 fails to uphold Cathedral I Chrfsllan values & ethos POOA OOVEIINANCE Los8 of strateglc dlrectlon • Lack of development • Relallonship wlth Cathedral weakenod • Staff and volunteers unmonllored and unmotlvated IwEauATE FiINDKAI8•40 • Inabllty to 8usl8ln a full arKI exdtlng rangè of trails and workshop8 Long tsrrn viabllity of the contre • Regular agenda Item for Trustee8 Flnanci81 re8eNe8 protect ag8lnst 8hort lomi deflclts FINANCIAL MI8MA14AaEMENT Errorn In Flnancial Statèments Flnanclal Fraud Los8 of confidence by fundars • Regular reportlng to Tru8le&8 Dual control over all payments Annual Independent ExamlnBtion Approvad by the Trustees and slgn8d on thelr behalf by: The Reverend Canon Wendy Robins Trustee Date.. e.i Report and Financial Slalemenls - March 2024 Page16
SOUTHWARK CATHEDRAL EDUCATION TRUST INDEPENDENT EXAMINER'S REPORT I report on the accounts for the year ended 31 March 2024 set out on pages 8 to 15. Respective responsibilities of trustees and oxamlnor The charitls trustees are responsible for the preparation of the accounts. The charitrfs trustees consider that an audit is not required for this year (under Section 14412) of the Charities Act 2011 (the 2011 Act)) and that an independent examinalion Is required. It is my responsibility to.. examlne the accounts under Sectlon 145 of the 2011 Act to follow the procedures lald down in the General Directions glven by the Charlty CommissSon (under Section 145{5){b} of the 2011 Act); and to stste whether particular matters have come to my attention. Ba$1$ of the Independent examlner's report My examlnation was carried out in accordance with the General Direction8 glven by th8 Charty Commission. An examlnation Includes a rovlew of the accounting records kept by the charity and a comparison of the accounts presented wlth those records. It also Includes conslderation of any unusual Items or dlscSosures In the accounts, and s&8klng 8xplanatlons from you as trustees concerning any such mattars. Th8 procedures und8rtaken do not provlde all th& evldenGe that would be requlred In an audit, and consequently no oplnlon is given as to whether the accounts present a 'true and falr view ' and the report Is Ilmlted to those matters set out In the statements below. Independent examln•rfs •tat•m•nt In connection wlth my examination. no matter hes come to my attentlon: (1) Ich gtves me reasonable cause to bèlieva that, In any materlal respect, the requlrements to keep accountlng record8 In 8ccordanc8 wlth SectSon 130 of the 2011 Act; and to prepare accounts which accord wlth the a¢countlng rocords and to comply wlth the ac¢ountlng requlroments of the 2011 Act have not been met; or (2) to which, in my oplnlon, attention should be drawn In order to enable a proper understandlng of the accounts to be reached. H Day Bsc (Hons) FCA DChA Xeinadin Nlghtlngale House 4648 East Street Epsom Surrey KT17 1HQ Date.. 131 ilas Report and Financial Slalemenls - March 2024 Page17
SOUTHWARK CATHEDRAL EDUCATION TRUST STATEMENT OF FINANCIAL ACTIVITIES- FOR YEAR ENDED 31ST MARCH 2024 Notes 31st March 2024 Restricted Unrestrlcted Funds Funds 31st March 2023 Restricted Unrestricted Total Funds Funds Funds Total Funds Incoming Resources Grants received Donations Gift Aid Income from schools Investment incorne [3] [4] 22,862 1,000 23.862 2.510 2,510 291 291 15,189 15,189 4.939 4,939 23,929 46,791 25,626 25,626 2,485 329 12,392 2,235 43,067 2,485 329 12,392 2,235 17,441 22,862 25,626 Resources Expended Salaries and pension Rent and servlces D8preclatlon Other expenses [5] 2.862 20,000 22,015 24.877 20,000 1,195 1,195 3.657 3,657 26,867 49,729 5,626 20,000 13,394 19,020 20,000 1.596 1,596 4.044 4.044 19,034 44,660 22,862 25,626 Net Incomlng l (outgolng) resources Transfers belween funds Net movement In funds (2,938) {2,938) (1,593) (1.593) 150 (150} (1501 (2,938) (2,938> 11,443) (1.593) Tot81 funds brought forward Total funds carried forward 112,302 112,302 109,364 109,364 150 113,745 113,895 112,302 112,302 [10] Repon and Financial Sialemenls March 2024 Page18
SOUTHWARK CATHEDRAL EDUCATION TRUST BALANCE SHEET_ As AT 31ST MARCH 2024 Notes 31st March 2024 31st March 2023 Non-current As8ets Tangible Fixed Assets [71 163 1,358 Current Assets Debtors.. amounts falling due within one year Cash at bank and in hand 2,331 112,349 114,680 1.476 120,782 122,258 Current Llabillties Credltors: amounts falling due wlthln one year 5,479 5.479 11.314 11,314 Net Current Assets 109,201 110,944 Net Assets 109,364 112,302 Representlng: Unrestricted funds Restricted funds 110] 109,364 112.302 Total Charity Funds 109,364 112,302 The financlal statements were approved by the 8oard of Trustees on E 7•th slgned on rts behaff by: and were The Reverend Trustee non Wendy Robins Report and Fin8n¢ial Slaiemenls - March 2024 Page19
SOUTHWARK CATHEDRAL EDUCATION TRUST CASHFLOW STATEMENT- FOR YEAR ENDED 31ST MARCH 2024 Notes 31st March 2024 31st March 2023 Cash flows frorn operating activities Cash generated from operations 1111 {8,433) 6,948 Cash flows from Investlng activities Purchases of Flxed Assets (484) Nat change In cash and cash equlvalents in the reporting perlod (8,433) 6,464 Cash and ¢85h equlvalents at the beginnlng ol the year 120,782 114.318 Cash and cash equlvalents at tho end of the reportlng period 112,349 120,782 Report and Financial SialerTrenls March 2024 Page 1 10
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- FOR YEAR ENDED 31ST MARCH 2024 1. GENERAL INFORMATION The Southwark Cathedral Education Trust is 8 registered charity which operates the Southwark Cathedral Leaming Cenlre. The charity is Gontrolled by its gov8mlng document and constitutes an unincorporated charity. The principal activities of the Trust are to educate children and young adults by using the Cathedral as an educational resource. The reglstered address of the charity is: Learning Centre Southwark Cathedral Montague Close London SE19DA These flnanclal stslements have been prepared under the hlstorlcal cost convention, and In accordance wlth the 'Stalement of Recommended Practlce. Accountlng and Reporting by Cttarities. SORP IFRS 102>. Th• financial statements h8ve been prepared on the going concern basis and are presented in Sterling, the functional currency of the Trust, rounded to the nearest £1. 2. AccouNTING POLICIES INCOMING RESOURCES All incomlng resources are included on the Statement of Financial Actlvlties when the Trust Is legally entitled to the income and the amount can be quantmed with reasonable accuracy. Unrestricted funds can be used in accordance wlth the charftable oblectives at the dlscretlon of the trustees. Re8trlcted funds can only be used for particular rescled purposes wtthln the objects of the Trust. Re$trlctions arise when specified by the donor or wh8n funds are rai88d for particuler restrlcted purposes. Designated funds are those unrestrlcted monles whlch the trustees have decid8d to set aslde for 8 speclfic purpo$o or for u8e in a speGlfic period. RESOURCES EXPENDED Expenditure Is accounted for on an accruals basls and has been Classled under headings which aggregate all cost related to that category. Wh8re costs cannot be dlrectly attrfbuted to partlcular headlngs they have been allocated to activities on a basis conslstent vAth the use of resources. TANGIBLE FIXEO ASSETS Tanglble A880ts are capltsllsed on the balance sheet as flxed assets. Flxed assets are stated In the accounts under the historical c08ts basis less accumulated depreciation. Depreclation 18 provided at the followlng annual rates; Fixtures and fittings 250k Computers and software 33Vo FINANCIAL INSTRUMENTS Flnancial instruments are classrfied and accounted for, according to the substance of the contractual arrangement, as either finan¢l81 assets, financial liabilltles or equlty Instruments. Report and Financial Slaiemenls - March 2024 Page 1 11
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- FOR YEAR ENDED 31ST MARCH 2024 3. GRANTS RECEIVED RESTRICTED FUNDS 31st Mar¢h 2024 31st March 2023 Restricted Funds - Grants Southwark Cathedral Cathedral Partnershlp (Southwark Cathedral) St Olave's and St Saviourfs Schools Foundation 20,000 20.000 5,625 2,862 25,625 During the year the charity recorded a donation of £20.000 (2023 £20,000), from Southwark Cathedral to represent the donatlon of rental space occupled by the Leaming Centre. The Very R8ver8nd Dr Mark Oakley, The Reverend Canon Wendy Robins and Mrs Linda Hutchinson are Trustees of both Southwerk Cathedral Education Trust and Southwark Cathedral. The grant from St Olave's and St Saviour's Schools Foundatlon of £2,862 (2023". nil) covers the cost of providing free activities for disadvantaged Southwark schools (defined as those schools vthere thlrty five percent or more of the pupils of that school are eligible for pupil premium). UNRESTRICTED FUNDS 318t March 2024 31st March 2023 Unrestricted Funds - Grants Worshipful Company of Launderers 1,000 1,000 In 2024 The Worshlpful Company of Launderers provlded an unrestricted grant of £1,000 In support of the Learning Centre's work wlth young people 2024 (2023., no unrestrlcted grants were recelved). 4. DONATION8 Circle of support clonations are from 8 group of people who value the advantages given by thelr own educatlon to want to 8ncourage the centre In Its work, by making 8 commltment to help with our funding. 31st March 2024 318t March 2023 Unrestricted Funds Clrcl8 of support 2,510 2,485 2,510 2,485 Report and Financi81 Slalemenls - March 2024 Page 1 12
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- FOR YEAR ENDED 31ST MARCH 2024 5. EMPLOYEE COSTS 31st March 2024 31st March 2023 Wages and salarfes Soclal seeurlty costs Defln8d contrlbutlon penslon costs 23,692 18.158 1,185 862 24,877 19,020 No employee has recelved total employee benefits of more than £60,000, The number of employees per month was one. TRUSTEES REMUNERATION No trustees received any remuneratlon or other beneflts In respect of services rendered to the Trust or the years ended 31 March 2024 and 31 March 2023. PENSION SCHEME Southwark C8thedral Education Trust arrangements for the provision of pension benefits consists of a defined contribution scheme. Contributions into the scheme durlng the period were £1,185 (2023 - £862). 6. OTHER EXPENSES 318t March 2024 318t March 2023 Educatlon supplles Insurance Workshops & volunteers Bank charges Other expenses 1,684 203 62 60 1,648 2,040 168 72 1,764 3,657 4,044 Govemance cost5 of £1,395 are included in Other expenses. Report and Financial Slaloments - March 2024 Page | 13
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- FOR YEAR ENDED 31ST MARCH 2024 7. TANGIBLE FIXED ASSETS Flxtures & Computers Flttlngs & Software Total Cost As at 1¥1 April 2023 Additlons 5,860 3,583 9,443 As a 31¥1 March 2024 5,860 3,583 9,443 Accumulated D•pr•clatlon As at 1 Bt April 2023 5,860 2,225 8.085 Charge for the year 1,195 1,195 As at 3181 March 2024 5,860 3,420 9,280 Net Book Value at 3111 March 2023 1,358 1,358 Net Book Valu• at 31•1 March 2024 163 163 8. DEBTORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR 31•t March 2024 31st March 2023 Amounts ow8d from 8chools Other debtors 731 1,600 248 1,228 2.331 1,476 cREDoRS. AMOUNTS FALLING DUE WITHIN ONE YEAR 31st March 2024 31st March 2023 Accnjed expenses Deferred income Other Creditors 1,375 4,104 3,348 3,606 4,360 5.479 11,314 Deferred income comprises school income which has been received in advance of the school visit. Report and Financial Slatemenls - March 2024 Page | 14
SOUTHWARK CATHEDRAL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS_ FOR YEAR ENDED 31ST MARCH 2024 10. ANALYSIS OF CHARITABLE FUNDS Restrlcted Funds Unr08trlcted Funds Total Funds at 1¥1 April 2022 Incomlng resources Resources expended Transfers beeen funds Total funds at 3151 March 2023 150 25,626 {25,6261 (150> 113.745 17,441 (19.034) 150 113,895 43,067 (44,660) 112,302 112,302 Funds at 1st Aprll 2023 Incomlng resources Resources expended Transfers belfften funds 112,302 23,929 (26.867) 112.302 46.791 (49.729) 22,862 (22,862) Tot81 funds at 3141 March 2024 109,364 109.364 11. RECONCILIATION OF NET INCOMEI(EXPENDITURE) ro NET CASH FLOW FROM OPERAnNG ACTNrriES 31st March 2024 31st March 2023 Net Incomel(expendlture) for the reportlng perlod Adjustments for: Depreclatlon on flx8d ass8t6 Decrease l (increase) In debtor8 Increasel(decrease) In Gredltors (2,938) (1,593) 1,195 (855) (5,835) 1.596 315 6.630 Net cash provided byl (used in) operatin9 activities (8,433) 6,948 Report end Financial Slalemenls - M8rch 2024 Page | 15