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REGISTERED CHARITY NUMBER: 1086612
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR
NORTH SOUTHWARK ENVIRONMENT TRUST
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
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NORTH SOUTHWARK ENVIRONMENT TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025
| Page | |||
|---|---|---|---|
| Reference and administrative details | 1 | ||
| Report of the trustees | 2 | to | 4 |
| Independent examiner's report | 5 | ||
| Statement of financial activities | 6 | ||
| Statement of financial position | 7 | ||
| Notes to the financial statements | 8 | to | 12 |
| Detailed statement of financial activities | 13 |
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NORTH SOUTHWARK ENVIRONMENT TRUST
REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2025
| TRUSTEES | Ms K Whittam |
|---|---|
| Mrs J Eyles | |
| Cllr N Ali | |
| Ms S Gibb | |
| M Yates | |
| Ms N Ennin | |
| E Fouweather (appointed 16.12.2025) | |
| K Hanna (appointed 17.9.2025) | |
| PRINCIPAL ADDRESS | 66 Newcomen Street |
| London | |
| SE1 1YT | |
| REGISTERED CHARITY | 1086612 |
| NUMBER | |
| INDEPENDENT EXAMINER | Berringers LLP |
| Chartered Accountants | |
| Lygon House | |
| 50 London Road | |
| Bromley | |
| Kent | |
| BR1 3RA | |
| INVESTMENT MANAGERS | CCLA Investment Management Ltd |
| 80 Cheapside | |
| London | |
| EC2V 6DZ | |
| WEBSITE | www.nset.org.uk |
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NORTH SOUTHWARK ENVIRONMENT TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Improvement
Improvement of the environment for the benefit of the public including the promotion of energy efficiency and efficient methods of disposing of waste;
Provision
Provision of facilities for education, recreation or other leisure time occupation, in the interests of social welfare.
Promotion
Promotion and support of actions by others to create, preserve and improve features and facilities of environmental amenity and for recreation or other leisure time occupation in the interests of social welfare.
NSET seeks to achieve these objects within the area of the London Borough of Southwark being to the north of the road or roads known as Camberwell New Road, Camberwell Church Street, Peckham Road, Peckham High Street and Queens Road.
Applications for financial assistance for projects and activities benefiting or taking place within this area will be considered by the Trustees and every attempt is made to reach a decision within four weeks of an application being received.
Applications must be from organisations which are charitable and/or non-profit distributing.
Public benefit
The Trustees consider that the objectives and aims of the charity describe above, enable it to meet its obligations to the Charity Commission to deliver aid and assistance to the people of the London Borough of Southwark being to the north of the road or roads known as Camberwell New Road, Camberwell Church Street, Peckham Road, Peckham High Street and Queens Road.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
Grants of £30,024 (2024: £31,120) were paid in the year to a number of organisations. (See note 3 for details)
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NORTH SOUTHWARK ENVIRONMENT TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2025
FINANCIAL REVIEW
Reserves policy
The Trust's reserves have been set in accordance with the Trust's reserve policy, which is formulated pursuant to Charity Commission guidance.
At the year-end free cash reserves in the Trust's current accounts and investments sat £1,332,065. The Trustees recognise that the investment portfolio is highly liquid and all funds are available for operational activities.
The Charities income amounted to £107,805 (2024 - £1,195,918). Expenditure on charitable activities during the year was £40,897 (2024 - £35,860). Investment losses in the year were £16,448 (2024 - gains of £16,152)
Investment Policy
Decisions about what form of investment will be most suitable for the needs of NSET are influenced by both the short-term and long-term future of NSET and the effects of market fluctuations and inflation on capital and income. During 2024 a distribution from the Trust's subsidiary company of £1,195,055 enabled the set up of the Trust's investment portfolio. As an interim measure the Trust invested in CCLA's ethical investment fund in accumulation units so that, alongside funds already on deposit, the Trust would be able to take some time to determine its future cash needs and develop its investment strategy.
The investment policy statement reflects the current position of the Trust.
Current Investment Policy Statement
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The statement is produced in accordance with section 15 of the Trustee Act.
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The investment policy of the North Southwark Environment Trust is to seek to produce the optimal total return from its investment portfolio, with the target being 4% on an annualised basis over rolling three-year periods.
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The Trustees wish to adopt a low-medium risk strategy. This is currently being achieved through investment in CCLA ethical investment units and cash deposits.
Statement about Risk and Reserves Policy
The Trust undertakes a review of the major risks to which NSET is exposed, and systems designed to mitigate those risks have been considered.
To avoid this risk, the trustees have agreed to keep levels of unrestricted cash reserves to ensure that main operations can continue for a period of up to approximately 12 months.
The level of reserves is monitored by the Clerk of the charity.
This policy is reviewed yearly.
FUTURE PLANS
In 2025 we decided to open another funding stream for charities which is called the Golden Ticket. This is an unrestricted fund of up to £20,000. £10,000 for the first year, £5,000 for the subsequent 2 years. Giving one new grant each year. So 3 organisations will be in receipt of Golden Ticket funds each year after the first 3 years.
The first grant was given to Surrey Docks farm in April 2025. We have updated our website to document this change and engaged in advertising the change in our grant structure.
We have also updated the website to reflect the new grant programme and with more recent detail of some of our grant recipients
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and is constituted as an unincorporated charity.
The charity has one wholly owned subsidiary - LandLord Ltd (Company Number 01899363). The results of the subsidiary are not consolidated into the accounts of the Trust. A gift aid donation was received from the company of £100,639 (2024 : the subsidiary sold a building during the year and made a gift aid donation of £1,195,055 to the Trust).
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NORTH SOUTHWARK ENVIRONMENT TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Trustees are recruited via the Annual General Meeting according to its governing documents. Induction and training of the Trustees takes place during the Trustees meetings.
Organisational structure
The charity is controlled by the Trustees who are independent and receive no remuneration for their involvement. Day-to-day management is delegated to the Clerk of the charity.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including 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;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records 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 the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. 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.
29/01/2026
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ 45B2F288FCF9419... Ms K Whittam - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH SOUTHWARK ENVIRONMENT TRUST
Independent examiner's report to the trustees of North Southwark Environment Trust
I report to the charity trustees on my examination of the accounts of North Southwark Environment Trust (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Ricky Hutson The Institute of Chartered Accountants in England and Wales
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA 29/01/2026 Date: .............................................
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NORTH SOUTHWARK ENVIRONMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Charitable activities Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 100,637 7,168 107,805 40,897 (16,448) 50,460 1,281,604 1,332,064 |
2024 Total funds £ 1,195,055 863 1,195,918 35,860 16,152 1,176,210 105,394 1,281,604 |
|---|---|---|
The notes form part of these financial statements
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NORTH SOUTHWARK ENVIRONMENT TRUST
STATEMENT OF FINANCIAL POSITION 31 March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 6 | 1,150,729 | 1,117,177 |
| CURRENT ASSETS | |||
| Debtors | 7 | 925 | - |
| Investments | 8 | 120,000 | 120,000 |
| Cash at bank | 65,133 | 58,852 | |
| CREDITORS | 186,058 | 178,852 | |
| Amounts falling due within one year | 9 | (4,723) | (14,425) |
| NET CURRENT ASSETS | 181,335 | 164,427 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,332,064 | 1,281,604 | |
| NET ASSETS | 1,332,064 | 1,281,604 | |
| FUNDS | 10 | ||
| Unrestricted funds | 1,332,064 | 1,281,604 | |
| TOTAL FUNDS | 1,332,064 | 1,281,604 |
The financial statements were approved by the Board of Trustees and authorised for issue on 29/01/2026 ............................................. and were signed on its behalf by:
............................................. (Ze45B2F288FCF9419... by: K Whittam - Trustee
The notes form part of these financial statements
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NORTH SOUTHWARK ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from 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.
Investments
Listed investments are carried at market value. Changes in market value are recognised in the Statement of Financial Activities in the year that they occur.
Unlisted investments (investment in subsidiary) are carried at cost less impairment.
Debtors
Short term debtors are measured at transaction price, less any impairment losses.
Current Asset Investments
Cash held on deposit for a term greater than 3 months is included in the accounts as current asset investments.
Cash at bank and in hand
Cash at bank and in hand includes the current bank account of the Trust.
Liabilities
Liabilities for expenditure are recognised in accordance with the accruals concept.
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025
2. INVESTMENT INCOME
| Deposit account interest 3. GRANTS PAYABLE Charitable activities The total grants paid to individuals during the year was as follows: Southwark Playhouse Bermondsey Artists' Group Bede House Time & Talents Rotherhithe Festival Soundcamp Paisley Park Somali Football Global Generation Southwark Youth Troupe Skate Haven My First 100 days Restorative Justice Friends of Paisley Soundcamp Forma Art in the Park Albion School Downside Settlement. NSET - Bounce Grantmaking Reconciliation b/f 1 April 2024 Approved in the year Paid c/f 31 March 2025 |
2025 £ 7,168 2025 £ 30,024 2025 £ 340 2,500 - - 2,500 - - - - 934 1,250 1,000 2,500 2,500 2,500 1,500 2,500 5,000 2,500 2,500 30,024 31 March 25 (£) 9,660 30,024 (39,684) - |
2024 £ 863 2024 £ 31,120 2024 £ 4,320 5,000 5,000 5,000 2,500 2,500 2,500 2,500 1,800 - - - - - - - - - - - 31,120 31 March 24 (£) - 31,120 (21,460) 9,660 |
|---|---|---|
continued...
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NORTH SOUTHWARK ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable activities Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,195,055 863 1,195,918 35,860 16,152 1,176,210 105,394 1,281,604 |
|---|---|
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2024 Additions Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Listed investments £ 1,117,152 - (16,448) 1,100,704 1,100,704 1,117,152 |
Unlisted investments £ 25 50,000 - 50,025 50,025 25 |
Totals £ 1,117,177 50,000 (16,448) 1,150,729 1,150,729 1,117,177 |
|---|---|---|---|
There were no investment assets outside the UK.
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025
6. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 March 2025 is represented by:
| Listed investments £ Valuation in 2025 (16,448) Cost 1,117,152 1,100,704 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 8. CURRENT ASSET INVESTMENTS Unlisted investments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 10. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 1,281,604 TOTAL FUNDS 1,281,604 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 107,805 (40,897) TOTAL FUNDS 107,805 (40,897) |
Unlisted investments £ - 50,025 50,025 2025 £ 925 2025 £ 120,000 2025 £ 2,158 2,565 4,723 Net movement in funds £ 50,460 50,460 Gains and losses £ (16,448) (16,448) |
Totals £ (16,448) 1,167,177 1,150,729 2024 £ - 2024 £ 120,000 2024 £ - 14,425 14,425 At 31.3.25 £ 1,332,064 1,332,064 Movement in funds £ 50,460 50,460 |
||
|---|---|---|---|---|
continued...
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NORTH SOUTHWARK ENVIRONMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Incoming resources £ Unrestricted funds General fund 1,195,918 TOTAL FUNDS 1,195,918 |
At 1.4.23 £ 105,394 105,394 follows: Resources expended £ (35,860) (35,860) |
Net movement in funds £ 1,176,210 1,176,210 Gains and losses £ 16,152 16,152 |
At 31.3.24 £ 1,281,604 1,281,604 Movement in funds £ 1,176,210 1,176,210 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
A donation of £100,637 (2024: £1,195,055) was received from Landlord Limited, which is a wholly owned subsidiary of the charity.
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NORTH SOUTHWARK ENVIRONMENT TRUST
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025 2025 £ INCOME AND ENDOWMENTS Donations and legacies Donations 100,637 Investment income Deposit account interest 7,168 Total incoming resources 107,805 EXPENDITURE Charitable activities Grants paid 30,024 Support costs Governance costs Auditors' remuneration - Sundries 3,807 Accountancy and legal fees 4,566 Independent examination 2,500 10,873 Total resources expended 40,897 Net income before gains and losses 66,908 Realised recognised gains and losses Realised gains/(losses) on fixed asset investments (16,448) Net income 50,460 |
2024 £ 1,195,055 863 1,195,918 31,120 4,740 - - - 4,740 35,860 1,160,058 16,152 1,176,210 |
|---|---|
This page does not form part of the statutory financial statements
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