2022-03-31-accounts

Registered Charity Number". 1103731 Registered Company Number.. 05092710 United St Saviour's Charity Southwark Trustees Report and Financial Statements United St Saviour's Charity st For the Year Ended 31 March 2022

Contents Page Reference and admlnlstrative details of the charity...................... ... Trustees, Report......................................................... . . ... . Independent auditor's report to United St Saviour's Charity................... Statement of Financial Activities...... .. . . .. .20 .21 Balance Sheet......................... .. .22 Statement of Cash Flows......................................................... .... -23 Notes to the Accounts...................................................... .24

Reference and administrative details of the charity Registered Charity Number.. 1103731 Registered Company Number.. 05092710 United Sl Saviour's Chaiity incorporates Hopton's Charity, Charity reg. no. 1103731-2 and Regulator of Social Housing reg. no. A2837 Trustees Stephen Burns Ichairl Claire Treanor Lord Kennedy of Southwark Nicola Sleuer Shane Holland Benjamin Johnson Izabela Szmidt Kathryn Ogunbona IDowlath} Dwight Pile-Gray Cindy Glover Stsff Martyn Craddock. Chief Executive Sarah Thurman, Head of Community Investments Jude Leighlon, Head of Housing Alison Benzimra. Head of Research and Influence (Appointed 10th January 20221 William Cole. Director of Programmes, One Southwark (Appointed 6th September 20211 Alessandro Schianchi, Operations and Executive Support Manager (Appointed 17th January 20221 Matthew Al￿00￿, Grants Manager (Resigned 31st March 2022) Morgan Tume, Community Investment and Grants Officer (Appointed 41h July 20221 Marjo Cili, Building Services Engineer (Appointed 2￿ June 20221 Bas Ahsan, Finan￿ Manager Deborah Johnson, Housing and Support Manager, Hopton Gafdens, Christine Smith. Housing and Support Manager, St Saviourfs Court, Purley Claire Abbott, Housing and Support Manager, St Saviourfs Court, Purley Registered Office 16 Crucifix Lane, London SE13JW Independent Auditor Moore Kingston Smith, 9 Appold Street, London EC2A 2AP Bankers HSBC Bank Pl¢, 1 South Place. London EC2M 2UP Solicitors Stone King LLP, 13 Queen Square, Bath BA12HJ Clyde & Co LLP, St Botolph Building. 138 Houndsd¢tch, London EC3A 7AR DG Law LLP, 2 Lant St. London SE1 1QR Invgstment Managers and Property Advisors Inveslec Wealth & Investment, 30 Gresham Street, London EC2V 7QN Knight Frank. 33 Gutter Lane, London EC2V 8AS Colliers International, 50 George Sl, London VV1 U 7GA Charles Parish & Co, 29a High St, West Wickham, BR4 OLP Field and Sons, 54 Borough High Sl, London SE1 1XL

Trustees, Report United St Saviour's Charity For the year ended 31 March 2022 Our Place in Southwark United St. Saviourfs Charity is a charity with a vision for a united and thriving Southwark with strong, inclusive, and equal communities. From the year our charity was founded in 1541. we have supported people and communities in Southwark. We are an important part of the local social and economic infrastructure of the London Borough of Southwark and the largest grant-making charity focused solely in the borough. Working in the same place over a long lime enables us lo understand ils dynamics. We can keep pace with the challenges and opportunities for communities caused by the ongoing evolution. transformation and regeneration in Southwark. Our role helps ensure that the voluntary sector and the communities which are unsettled and at risk of being outpaced by the changes, remain part of Southwark's future. We foster strong, well-served and equal communities through our granl-making and associated activities. Through our community investment team, we help to build strong communities. tackle social needs and take advantage of opportunities to drive positive change. We also provide social housing for older people of limited means in our almshouses, with 75 dwellings in total. Hoplon's almshouse, built in 1752, is in Bankside, while St Saviour's Court, originally endowed by Thomas Cure in 1584, now stands in Purley. We are building on our history and experience of providing homes and SUPFX)rting older people by opening a new almshouse Appleby Blue, providing a further $7 hornes right in the heart of Soulhwark, due to open in 2022123. We are committed lo learning and improvement, and sharing our knowledge and experience widely. Our re￿nt entry into the world of research and influence is a key part of ensuring our work has real impact. Above all. we have shown ourselves to be a dynamic and responsive charity in recent years. acting swiftly and flexibly lo sudden crises in our communities. Southwark has been one of the worst affected parts of the country by the Covid-19 pandemic and the ¢harity played a leading role in providing emergency support lo the borough's voluntary sector working al the frontline. We are also responding lo the social and economic challenges created by the pandemic's shockwaves which are having a particularly brutal impact on low-income groups in Southwark. Our Vision A united and thriving Southwark with strong, inclusive and equal communities Legal Objects, Strategy and Current Actlvities The legal objects of the charity are the relief to persons in need resident in our area of benefit by providing accommodation and by such other means as the trustees think fil. Our area of benefit is the London Borough of Southwark and such of the surrounding area as the trustees may determine. The Trustees adopted a new strategic plan in March 2020, a copy of which is freely available on the charity's website. The charity currently meets its objects through its main activities of providing almshouse accommodation. and grants and non-financial support to organisations. We underpin this through research and learning activities to inform our own practices and influence other organisations.

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) The charity owns a number of valuable commercial investrnent properties which provide close to half the annual income. Maintaining these buildings, many of them histori¢ and listed, and managing tenants is also a major activity of the charity. Almshouses United St Saviour's Charity has provided a¢¢ommodation for Southwark residents since the 16th century. Our almshouses provide high quality, affordable and independent accommodation for residents of Southwark over the age of 60 who are in need. We offer a secure home. in an environment which combines independent living with enhanced elements of community actNrity and personal support. Residents pay a We&￿Y maintenance Contribution, usually ¢overed in full by housing benefit. We are building more almshouses, designed to respond lo a growing and ageing population with different needs and expectations that much sheltered social housing stock fails lo meet. We will build locally, allowing more Southwark people the option to remain in the area they know and feel part of. Our vision is to make our new almshouses part of their community with activities and spaces for everyone to mix, rather than a retreat from society for older people. We intend to be pioneering in what we do in our communal spaces and through using iesearch and shared learning, we hope lo become an influential voice in the older persons housing sector. Communi Investments ci Our Cl Programme involves grant-making and a range of related actrvitses which improve lives and opportunities for Southwark residents. We support, strengthen and build partnerships within the ommunity sector and work closely with other funders, businesses and public agencies to maximise our impact. Grants are provided lo charitses. social enterprises and community groups. Research and Influence We are committed to offering best practices to the people we work with. The charity's research and influencing team partners with academic and non-academic researchers to understand and learn from what we do, deliver robust evidence of what is most effective and best value. We will share this with others in the sector and help influence better pracliees elsewhere. Our assets Our historic pubs, shops and residential properties in Borough Market and beyond, produce a growing proportion of our income for our community investment and almshouse objectives. We also recognise their historic importance in Southwark, and the role they play in making Borough Market the attractive destination it has become. We take our responsibility to look after these properties for present and future charity beneficiaries very seriously and are active in maintaining the buildings and sustaining positive relationships with our tenants, neighbouring landowners and the local council. Activities during the Financial Year: Community Investments Grant-makin Poli and Practice Vve award grants to groups whose work advances our Community Investment ICII aims. We operate 3 grants programmes.- small grants lof under £5,000). large grants lover £5,000). and strategic grants which are invilation-only. We also run collaborative grants programmes when the need and opportunity arise. In these instances we manage and allocate funds provided by other agencies and sometimes contributions from local residents. Our priorities respond to important local issues and population groups. 'Positive Ageing, seeks to reduce isolation and increase wellbeing amongst older residents, 'Strong, Resilient Communities. aims to build strong and inclusive communities, and 'Levelling the Playing Field, promotes equality of opportunity and has a particular focus on those experiencing social and economic disadvantage. Applications and grants management a￿ carried out through the online plafform, Flexigranl. We promote our programmes through outreach and engagement, via our website and social media, and advertising through local ne￿OrkS. Application procedures and policies are published on our website. Grant Makin and Related ActNlties in the Year

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) In 2021122 United St Saviouls allocated £602,985 to the overall ¢ommunity investment programme. £188,585 of this covered staff and other costs and £414,400 was awarded in the form of grants. £38,000 was providod to United Sl Saviour's by others for us to award alongside our own funds. The charity put £16,447 towards funding plus and partnership inilialives. Notable projects in the year.. Equalities Fund. Following from our 2020 Black Lives Matter commitments and our ambitions lo make Southwark a nw)re equal place, we piloted an invilation-only grants fund ringfenced for Black-led charits.es and social enterprises. The 5 groups receiving grant5 were also offered business development support through specialist consultants lo help them grow. We are using the learning from this programme lo infomi our Cl programme moving forward. Open and Trusting Grant-making. We continued to work with the Institute of Voluntary Action Research IIVARI on a campaign to positively influence the funder ￿MM￿nity and make funders more accountable to. and supportive of, the charity sector. More than 100 foundations have now signed up to the 8 '0pen and Trusting, principles we helped lo develop. Grant-making Policy Review. Drawing on the IVAR principles, in 2021 we carried out a review and revision of our grant-making policies and procedures. The subsequent changes are designed lo make life easier for our partners and reflect our vaSues of being a relational, open and trusting l(Kal funder. The outeomes will include more unrestricted grant-making and less Unne￿SSary form-filling for our partners. Grant$ Awarded The fall-out from the pandemic meant that we had a smaller grants budget In 2021122 than previously. Nevertheless, over the course of the year we Tan 4 grants programmes-. Large Grants, Small Grants. The Equality Fund and Connected at Christmas. Lar e Grants 12 Large Grants Ilolalling £275.0001 were awarded to.. Bede House, Link Age Southwark, Pembroke House, Soulhside Young Leaders Academy, Southw8rk Day Centre for Asylum Seekers, Time & Talents, Centre Age UK Lewisham & Southwark, Future Men, Inspire at St Peler's, Power 2, Young Futtjres and Silverfit. 6 of these grants were Unrest[￿ted, so a lot more flexible and valuable for our partners. These grants were not awarded on the basis of applications but on the b8SlS that the organisations and services of these groups were considered, by Iruslees. to respond to critical post- lockdown needs. Small Grants 40 Small Grants were awarded to 38 different local groups, lolalling £49.280. These grants supported a range of valuable local projects. This included community festivals lo bring people together, arts and music projects for children and young people, lunch clubs for older Soulhwark residents, advits servi￿$ in food banks, after school clubs. and support to migrant and refugee groups. Connected al Christmas For the second year running, many ofthe parties and events that normally tske place over the Christmas season were cancelled due to the pandemic. United St Saviour's once again took a lead in running campaign and grants programme to ensure that as many older and vulnerable Southw8rk residents as possible (who were likely to be spending Christmas on their own) fell cared for and connected over the festive season. Conlribulors included the London Borough of Southwark, Southwark Charities and St George the Martyr Charity. The lolal fund was £48,000 and 6,607 older and vulnerable people benefited. Grants funded a variety of things such as hampers and gifts for sheltered housing residents, Christmas lunches delivered to older people, small scale or online parties, and over 1000 food parcels for financially vulnerable families.

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) E ualities Fund We have been making steady bul determined progress over the past 4 years lo increase our reach and support for BAME groups in the borough and in 2021, building on our Black Lives Maller commitment, we set up a ringfenced fund. 5 grants, lotaling £42,208 were made to Black-led organisalions through this fund and the groups were also offered a business development ¢onsultancy package lo help them develop their internal strengths- if they wanted to take up the opportunity. We are using the learning from the Equalities Fund to inform our granl-making and Cl work moving forward. In 2021, 450/0 of all UStSC grants (excluding Connected @ Chrtstmasl were made to BAME groups- a majority of which are Black. Partnershi One Southwark.. in 2021 the charity took on a new and exciting initiative, One Soulhwark. It is part of a wider'giving. movementwhich seeks to harness local assets for social benefit. The aim of the scheme is to level the playing field for young people in Soulhwark through collective action. A four year City Bridge Trust grant is supporting the core Costs of the programme and contributions have been secured from a range of other partners. One Southwark involves a cohort of young people and a Coalition which is a partnership of local stakeholders and influencers. Blg Local South Bern)ondsey IBLSB). We continued lo provide financial management and support lo the BLSB, a participatory grants programme set up 8 years ago with Big Lottery funds. The Partnership, made up of local residents. is approaching the last years and we have learned some valuable lessons from this programme about how to deliver participatory grants programmes that devolve decision-making lo people 'with lived experience, of the issues they are tying to address. Activities durin the financial ear: Almshouses This financial year has seen a focus on re-building our almshouse communities following the devastating impact of covid on the lives of many of our residents. There was a phased re-opening of our almshouse offices which happened safely and in line with government guidance. By the end of the year the Charity were able to resume full weekday office opening alongside the usual out of hours facility provided via lelecare services. Having noticed a deterioration in the health and wellbeing of many of our residents, the locally based Housing and Support Managers revisited the support plans ol a11 our residents with a view lo ensuring that each individual was a¢￿ssing the support and services they needed. In many cases this was just by re-connecting with friends and family but also invofved catching up with hospital appointments. vaccinations and sometimes benefit advi¢e. The Charity resumed a programme of activities and trips which included armchair Hip Hop. coffee mornings, aftemoon tea, bingo. themed parties and visits to the coast and garden ￿ntre$. In January 2022 we commissioned Acuity to undertake a Resident Satisfaction Sutvey. The results were generally encouraging with a slight overall increase in satisfaction al both almshouses since the last survey in 2019. The high overall rating for setvice 1980AI was backed by similar ratings for the quality of homes, the friendly and approachable staff, cleaning services and value for money.

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) The Charity developed an action plan in response to particular areas of satisfaction which had reduced since 2019. Following anatysis of the suNey findings we committed to.. Ask residents to provide further feedback on our repairs service. Review the results of this feedback and analyse the performance of the contractors we use. Review our Methods of communication with residents. Increase the frequen¢y of resident communutrons including newsletters and resident meetings. Performance in key result areas has been broadly maintained throughout the year and can be summarised as follows.. Collection of Weekly Maintenance Charges IWNCI- 99.8% Void performance- average turnaround 48 days Landlord satisfaction- 98 /0 {survey completed in January 20221 Following resident consultation the charity inlrodvced a small seNice charge at Hopton's almshouses in April 2021 that was housing benefit eligible. Two households. not in receipt of full housing benefit, received financial assistance to prevent hardship. The majority of our almshouse residents have fixed incomes and are eligible for Housing Benefit.. arrears are therefore very low. We have Continued to give support to our residents to pay their weekly maintenance charges. particularly those in receipt of Universal Credit. As a result. we achieved a 99.8% collection rale after the receipt of housing benefit for 811 eligible residents. Towards the end of the year, we nOti￿d that residents were becoming increasingty COn￿rned about the impact of increases in the cost5 of living, especially the increases lo their fuel bills. To counter this we partnered with the Soulhwark Pensioners and Age UK Croydon lo provide money and benefits advice to residents and assist them to maximise their incomes. We assisted residents to claim a range of benefits including the warm home discount. cold weather payments, council tax rebates and Pension Credit. The total number of properties becoming void during the year was 6. This represents 8.20A of our stock. The voids were mainly one bedroom properhes, 4 of which were at Sl Saviour's Court and 2 al Hoplon's Gardens. Over the year it became increasingly challenging lo find suitable nominees from Soulhwark for our homes in Sl Saviour's Cour( Purley. As a result, trustees agreed that the Charity should wn5ider Croydon nominees for homes where we had exhausted demand from Southwark applicants. This is permitted under Charity Commission guidance. We developed a useful partnership with Addiscombe Housing Association who referred suitable nominees to St Saviour's Court resulting in 2 lellings. Almshouse Building Management A programme of planned maintenance was successfully completed during the year. Much of this work had been delayed from 2021122 meaning we were able to complete some essential capital works projects in both the almshouses, ensuring that our homes are fit. safe and comfortable for current and future residents. The condition and quality of the almshouses remains of utmost importance lo the Charity and we have continued lo invest in these valuable assets for the benefit of our beneficiaries. Work5 during the year induded fixed wire lesling, fire slopping works and tree replacements at Hopton's and a programme of elettlrical upgrades and boiler servicing at St Saviour's Court. We undertook the full refurbishment of the 3rd floor communal landing at St Saviouls Court, which included decorations as well as heating and lighting improvements.

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) We have now refreshed the quinquennial condition reports for both Sl Saviour's Court and Hopton's Gardens. Our surveyors, ProMissEon. completed a full stock condition survey at St Saviourf5 Court conduding that the block is in a good standard of repair for a building of this age. Our Next Almshouse. future plans The charity is building a new almshouse at 94-116 Southwark Park Road, Bemiondsey SE13RR. This will Provide 57 homes for older persons in Soulhwark, 2 smaller dwellings for potential use by live-in carers, volunteers or researchers. and extensive communal rooms and gardens for activities and socialising. The development is being funded by a private housing developer as part of a S106 planning agreement on a sile elsewhere in Soulhwark. It is being built to the charity's design specification under a development agreement. Al handover, the charity is contracted lo purchase the 999 year lease for £5m. The ¢harity will raise finance from either ils own reserves, or through a bank loan. Fit out ¢osls will also be met by the charty. The charity's vision for our new almshouse is to provide high quality affordable retirement housing which will provide beautiful gardens. ¢ommunity spa¢es and an ex¢eptional place to live. The building will include a range of spa￿$ for everyone locally to enjoy, the￿bY helping our residents living on-site lo contribute lo and remain a part of their lo¢al community. The charity continues to explore other potential sites for new almshouses and is ursdertaking detailed feasibility studies on one site, and remains the preferred affordable housing operator on another sile which has already received planning permission. Activltles durin the financial ear: Research and Influence The charity set about Increasing its research and influence capacity to meet our objective set out in the 202(k2025 strategic plan. In January 2022, Alison Benzimra was appointed as Head of Research and Influen¢e to join the executive team and lead on the charity's research and influence aclivilies. In 2021122, the focus was Predominantty on Housing and Ageing. This was in response to a number of factors including that fact the charity has never previously explored the social impact and benefits of its almshouse provision, and the national prominence of managing ils ageing society and the role of supported housing to improve independence and healthy living years. C8Pitalising on the opening of Appleby Blue, a research friendly building, and the new model of resident support, the charity partnered on suceessful Dunhill Medical Trust funded projects. The first was the Almshouse Resilient Communities for the Future project with UCL and several other almshouses. The second was the Community-based Food Model project with Bournemouth University. Research and influence Temained a key element of the Community Investment strategy. The Head of Research and Influence provided support and added extra capacity lo the Head of Community Investrnenl and the Programme Director in developing the research and leaming component of the One Southwark programme. The One Southwark research and learning project is being funded by Merchant Taylors, Foundation. Fundamentally, the charity wants to do things better, using the eviden￿ and learning from its own work, lo ensure that the charity's beneficiaries and community partners. outcomes are improved and, by increasing the profile of the ¢harity's work, Int￿aSed funding and resources come into the borough. The charity also wants to share these findings with its partners and other organisations, in order to help them improve and influence their thinking and practices.

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) Governance Structures and Key Information Structur¢, governance and management Corporate Structure United St Saviour's Charity is a company limited by guarantee 150927101 and a registered charity {11037311. The Charity'5 Scheme and Company Articles of Assoeiats'on were updated in July 2020. The company is the corporate trustee of United St Saviour's Endowment Charity (reg charity 1103731- 11 which holds the permanent endowment. and Hoplon's Charity11103731-21 registered provider of social housing no. A28371. The directors of the company effeclivety act as charity trustees and are known as trustees. The Charity Commission has issued a uniting direction for the charities. Trustees appointed prior to July 2018 serve for a maximum of three terms of three yeats. Although the new Articles of Association allow some flexibility, Trustees appointed since July 2018 now serve ts￿0 terms of four years, with a possibility of an extra year. Trustees are usually expected to live or work in Southwark at the time of being appointed. Govemance Structure The Board consists of a minimum of three and a maximum of ￿e1ve Trustees which meet four or more limes a year There are committees of the Board". Community Investment Committee and Finance, Investments and Audit Committee. Each Committee meets four limes per year. Working groups are also formed occasionally to deal with specific matters such as the rbew almshouse. and research and influencing Matters. Trustees review strategy and priorities of the Charity at their meetings, taking into account eommunity investments, almshouse management and building development prograrnmes. research activities. investments and risk mana9emenl. An annual strategy meeting is nomially held by Trustees lo plan priorities. The Trustees consider the Board ofTrustees, the Chief Executive and the senior management team as comprising the key management personnel of the Charity. The day-lo-day management and control of the Charity is delegated to the Chief Executive. Trustees are required lo disclose all relevant interests annualty and register them with the Chief Executive and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. Trustees also sign a code of conduct agreement annually. Trustee training, recnjilment, and remuneration Trustees regularly review the skills and perspectives felt essenlial to govern the charity effectively and undertake regular training. New Trustees are recruited through agencies. by word of mouth and public advertisement, and partlClP8te in an induction programme organised by the Chief Executive. During the year, the B08rd reviewed their own effectiveness and have made changes lo address the results of the review. All Trustees give their tsme freely and no Trustee remuneration was pa￿ in the year. History The charity today is modern and forward-looking, proud of our roots, bul not beholden to them. The charity traces it5 earliest roots back to the fifteenth century. 11 was finally incorporated under a charter of Henry Vlll as the Corporation of Wardens of the Parish of St Saviour, Southwark, to manage parish affairs and local charities. Our archives are vast and mostly held in the National Archive at Kew, or London Metropolitan Archive. io

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) Vestiges of our past are preserved in the ancient Warden tiues still given tr) each of our Trustees e.g. Warden of the Great Account, Bell Warden, Renter Warden. We also hold an annual service al SouthwaTk cathedral to celebrate the lives of our original benefacloTs, including Thomas Cure MP, the founder of our first almshouses in 1588. Staff remuneration Staff salaries were independently evaluated in 2018 and levels were set in line with an agreed policy. Staff salaries are typically increased in line with inflation each year. In light of current economic conditions, this will be reviewed in 2022. The Chief Executive received total emoluments (salary and pension payments) of £107,176 in the financial year. Equality, Diversity ènd Inclusion Working in Soulhwark, the Iruslees and staff of United Sl Saviour's Charity recognise that our diverse borough has one ol London's largest population of Black and other minority ethnic citizens. The charity reacted to the social anger caused by real injustices faced by these communitiès, which contributed lo the rise of the Black Lives Malter movement in Summer 2020 The charity h88 made a number of commitments lo change the way we work, which were publicised online. and much of our work today is deliberately positioned lo meet these commitments. Whilst these commitments largely focus on tackling racism. the charity continues lo address discrimination in all its forms, in particular that experienced by the LGBTQ+ and older population in Soulhwark. Inclusion forms parl ol our core values We are commilled lo reflecting. celebrating and championing the diversity of Soulhwark. We strive to create equal access and opportunity for the most disadvantaged groups lo achieve a beller Southwark for everyone. Membershlp bodles and partnershlps The Charity is a member of NCVO as well as the grant makers. umbrella body the Association of Charitable Foundations. We are also a member of London Funders, a group of investor5 and grant making organisalions in Londoll's civil society. We also work closely with other grant makn'ng trusts in Southwark and attend the Southwark Funders, meetings. In respect of our almshouse provision, the Charity is a member of the Almshouses Association, and part of the Larger Almshouses Nefvlorking Group. Staff attend meetings and receive updates from the Housing Learning and Improvement Network. We are also members of the g320 group of small London housing associations, the Charities Property Group, and EROSH. thin Southwark. we are pleased to tske an active part in many ne￿orkS, community assemblies and neighbourhood meetings, and maintain a strong relationship with Southwark Council. We retsin a close relationship lo our historic parish responsibilities and remain active in the Borough Market Environs Group, which helps ensure that the character of the area is not harmed by developments and changes and influences the shape of new developments. Publlc Benefft Trustees have referred to the Charity Commission's general guidance on public benefit including its guidan￿ 'Public benefit.. running a charity IPB21' to ensure that activities meet the requirements. Risk mltigatlon Trustees review the major risks faced by the Charity ￿lce yearly. Trustees have examined key controls over financial and operational systems and other business risks which the Charity fa￿S and confirm that systems are in place to mitigate the significant risks. The Charity's risk register addresses operational risk, financial risk. and reputational risk, which could arise through, for example. fraud or ineffective grant making. li

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) The principal risks that the Trustees have identified are reputsb'onal. operational, and financial. The inabilty lo house our older residents in our almshouses, either temporarily or longer-lerm, as a result of disaster, health and safety failure or fire etc., is mitigated through contro5 systems and insurance. The charity has appointed an exteinal Health and Safety consultant as Responsible Person in 2022. Most of the almshouse residents are considered vulnerable persons, and this brings risk of an adult safeguarding failure. This is mttigaled through control systems such as safeguarding procedures and staff training. The charity appointed an external Safeguarding consultant during the year for advice and support. The eharity's finanoial position may be impacted by a downturn in central London commercial rents and a significant eost-over run on a major capital project. The exceptionally high rale of inflation could create signifieant cost pressures on maintaining the almshouses and investment properties, and recruiting and retaining high quality staff. Strong financial systems, regular reviews of the long-term cash and financial projections, professional management and external advi¢e mitigate this. The charty has a £5.5m debt with Lloyds Bank, using a fixed interest rale 25-year mortgage. The commercial investment properties provide loan security. Default on loan covenants is considered a low Tisk and the charity has alre8éy taking steps to mitigate them. The trustees acknowledge that although the community investment grants funding is important to the local voluntary sector in the area of benefit. there is no legal obligation lo maintain this funding and the funds could be diverted towards loan commitments if ne￿Ssary. Financial review The charity had a positive year with an unrestricted fvnd surplus of £839,860 before investment gains and transfers. The unrestricted fund grew by £942,954 in total. This reflects the decision to scale back community investment grant making during the years of the Covid Pandemic when there was greater uncertainty in receiving commercial property investment rental income. and the charity needed to preserve its cash levels in the years leading up to the opening of the new almshouse. The risk of leaseholder default has dissipated and the charity now has accumulated strong cash reseNes to be able to increase grant making in fijture years, as well as fund part of the new almshouse capital costs. The principle sources of income continue lo be commercial investment properties1520AI, contributions from almshouse residenls1270kn1. and listed investments income {150kn). This income is used lo fund the charitable aclivilies, maintain buildings, and fund support costs. Co$ls of managing the almshouses and providing support services increased to reflect some of the backlog of repairs and maintenance caused by Covid. and enhanced service provision. Rental income continues lo grow. although the charity expects this to plateau over the next years whilst leases rnature. The value of the investment property increased by 4.70/0 during the year. Listed investments increased in value by 5.6Qkn. In total. the balance sheet ftjnds grew by 4.7Yo. 12

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) Reserves policy The Trustees reviewed the reserves policy in 2022 and have maintained the risk-based approach to setting the appropriate level of unrestricted reserves. Having considered the significant risks the charity is exposed to, Trustees consider that a prudent level of general resetves equates to approximately 8 months of budgeted unrestricted fund expenditure in a typical year. The current level of free reserves is £10.8m from a lolal of £12.6m in the Unrestricted Fund (Total Unrestricted Funds (Note 25a) less Tangible Fixed Assets Iunrestrictedll 31.03.2022 31.03.2021 Total Unrestricted Funds- General Funds (Note 24al 5,561,855 4.748,273 Less.. Tangible Fixed Assets (Note 25a) Investment Propety INote 181 less borrowings against investment propety 11,830.809) 11,788,025) 11,434.7621 11,392,027) Totsl free Liquid reserves £2,296.284 £1,568,221 Target level of free reseThes £2,024, 729 £1,504,093 The charity's reseNes levels are above target, and the Trustees will draw on them to help fund various capital Pfojecls in the next lo three years including fil out of the new almshouse, and essential repairs to Hoplon's almshouses not included in the designated funds. Designated Funds The charity holds a number of designated funds within the unrestricted fund. Both almshouse properties maintain and hold reserves (combined value £426.340} for fvlure capital expenditure requirements which have been highlighted in a surveyorfs quinquennial reports. Trustees have agreed a level of designated fund which musl always be held in order lo meet unforeseen costs at the almshouses. A designated fund (value £75,527} is held to build up adequate fvnds to maintain and refurbish the Investment properties. The charity holds a £5m designated fvnd towards the future development of new almshouse. This is held to give Ifuslees flexibility in deciding whether the charity should take out loan finance or sell investments in order to meet the £5m c051 of the new almshouse al Southwark Park Road in 2022. and any future almshouse development opportunities. The Sinking Fund has been established to provide for the building of St Saviour's Court at the end of its useful lrfe. Investment policy and perforniance The oveTall objectives are to create sufficient income and capital growth lo enable the Charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible. enhancement of the value of the invested funds while they are retained. The investment manager has a discretionary mandate to generate returns which balance income and capital growth, whilst taking a medium to high risk appetite reflecting the perpetual time-horizon of the charity. The asset allocation is broadly 75.fi equity to 25 /g fixed income. 13

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) The investment manager is asked to generate a sel level of income each year which represents approximately 2.5¥0 yield, and considered a sustainable distribution level. Some of the unrestricted fund capital and all the income may be used al any time for the furtherance of the Charity's aims. The investment portfolio is managed on a discretionary basis by Investec who provide quarterly performance reports lo the Finance. Investments and Audit Committee for ￿vIeW. The Charity has been satisfied with the manager's performance in 2021122. The Charity's investment properties in Soulhwark provide a significant part of the Charity's income. They include four pubs, nine retail shop units, four offices, twelve flats and one house. Many of these properties are historic properties built on land bequeathed to the Charity in the 161b Century. The TTUStees use range of expert valuers and lettings agents to advise them. Responsible Investment Policy The Trustees adopted a new Responsible Investment Policy in 2022. The charity will favour investments in areas that demonstrate respect lor the planet. respect for people and good corporate governance. Our investment prinCip￿S will align with the UN Sustainable Development Goals, and in particular SDG 3 (Good Health and Wellbeing), SDG7 IAffordable Clean energy, SDG 9 Ilndustry, infrastructure and innovation). SDG11 (Sustainable Cities and cornmunities), and SDG13 (Climate Aclionl. We will avoid businesses that are either unsustainable or seek to exploit vulnerable people, and start lo disinvest from companies that are not taking seriously their responsibilities to assist with the transition lo a low carbon economy. We will continue to exclude companies involved in armaments, gambling, high pressure lending and tobacco. Our investment managers will be a signatory to the UN Principles for Responsible Investment and the UK Stewardship Code and will be supportive of our objectives and help to raise corporate standards through shareholder engagement and active stewardship. The Trustees will monitor the performance of the investment manager against these criteria. FUTURE PLANS The charity adopted a new 5 year strategic plan in March 2020. a copy of which is PLJblished on our website. The Trustees reviewed the strategy in June 202210 ensure it remains relevant after the impact of the global pandern￿ and in the current economic climate and with exceplionaS inflation. The charity now expects to open the new Appleby Blue almshouse in De￿rnber 2022, with new residents moving in over the winter. The charity has carefully conside￿d the financial implications of the new almshouse, and reviewed the long-term cash and financial projections. The Trustees are confident that despite the Un￿rtaInty of managing this technically complex and expensive-to-manage building, the charity has adequate systems and financial resources. We have strengthened the bad(-Offi￿ team by recruiting an Operations and Executive Support Manager, and a Building Services Engineer. They will help ensure the charity's compliance and governance systems remain string during this period of growth and transfomalion. At the start of the 2022123 financial year, the charity recenied a major grant donation of £2.3m lo be used towards the capital cost of the new almshouse. The Trustees have reviewed the strategy to draw down a further £5m loan, and decided that in light of the global economic uncertainty, the charity will use £2.7m of unreslricled reserves to fund the balan¢e. Grant expenditure on the Community Investment Programme in financial year 2022123 has been restored to pre-pandemic levels and a budget of £1 m has been allocated. A grant from City Bridge Trust for £500k over years will augment this amount. The Trustees stotegy is to increase grant maklng year-upon-year lo meet the ever-present needs of disadvantaged communities in Southwark 14

United St Saviour's Charity For the year ended 31 March 2022 Trustees Report (continued) The One Southwark 'giving' programme will continue lo build ils base of partners lo support the cohort of young people. A grant from the Merchant Taylor's Foundation will fund a piece of commissioned research to evaluate the programme in 2022123. The research and influencing strategy was launched in January 2022 and will continue into the future by building relationships with research institutions and sharing and communicating the findings. This will help Infomi the charity of the most effective activities which offer best value. The charity remains active in identifying development opportunities for new almshouses in Soulhwark. Other capital projects include upgrading the fire alarm and p¥otection systems in our buildings. to meet the changing regulatory environment. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees {who are the directors of United St Saviouvs Charity for the purposes of company lawl are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practicel- Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resour￿$ and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to.. select suitsble accountrng policies and then apply them consistently, obseNe the methods and principles in the Charities SORP, make judgements and estimates that are reasonable and prudent, stale whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial slalemenls. prepare the financial 51atemenls on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financi81 position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable cornpany and hence for taking reasonab￿ steps for the detection and prevention of fraud and other irregularities. In 50 far as the Trustees are aware. there is no relevant audit information of which the charitable company's auditor is unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforrnation and to establish that the auditor is aware of that Information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislats'on in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislatlon in other jurisdictions. AUDITORS Moore Kingston Smith have indicated their willingness to continue in office and offer themselves for re- appointment as such, under Section 485 of the Companies Act 2006. 15

United St Saviour's Charity For the year ended 31 March 2022 PREPARATION OF THE REPORT This report has been prepared taking advantage of the smal5 companies exception of secb'on 415A of the Companies Act 2006. It was approved and authorised for issue by the Trustees on 27th September 2022 and signed on its behalf by.. Stephen Burns Chair of the Board of Trustees 2611 September 2022 16

Unrted St Saviour's Charity For the year ended 31 March 2021 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF UNITED ST SAVIOUR'S CHARITY Oplnlon We have audited the financial statements of United St Saviourfs Chartty I'lhe company,) for the year ended 31 March 2022 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United lfjngdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditorfs Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are described in the relevant secbons of this report. Other Information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other inlonTsation and, in doing so. consider whether the other information is malerialty inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstalemenl in the financial statements themselves. If, based on the work we have performed, 17

United St Saviour's Charity For the year ended 31 March 2021 Independent auditor's report to United St Saviour's Charity (continued) we conclude that there is a material misstatement of this other information, we are required lo report that facL We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial stalemenls.. and Ihe trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audrt, we have not identified material misstatements in the trustees, annual report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept. or relums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the awounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made", lorl we have not re￿iVed all the information and explanations we require for our audil.l orl the trustees were not entitled to prepare the financial statements in accordance with the small companies ￿gime and take advantage of the small companies exemption in preparing the trustees. annual report and from preparing a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page Ixl, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misslalement, whether due to fraud or error. In preparing the financial slaternents, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable. matters related lo going COn￿rn and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to ￿ase operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstalemenl, whether due lo fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUK} will always detect a material misslalemenl when il exists. Misslatemenls arise from fraud or error and are considered material if. individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. 18

United St Saviour's Charity For the year ended 31 March 2021 Independent auditor's report to United St Saviour's Charity (continued) As part of an audit in accordance with ISAS {UKI we exercise professional judgement and maintain professional scepticism throughout the audit. Vve also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. bul not for the purposes of expressing an opinion on the effectsveness of the charitable company's Internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material Un￿rtaInty exists related to events or conditions that may cast significant doubl on the charitable company's ability lo continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention in our auditor's report to the related disclosures in the financial statements or, rf such diselosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, fulure events or conditions may cause the charitable ¢ompany to cease to Continue as a going concern. Evaluate the overall presentation. structure and Gontenl of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governan￿ regarding, among other matters, the planned scope and liming of the audit and significant audit finding5, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audlt was con81dered capable of detectlng Irregularftie8, including fraud Irregularities, including traud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irr￿ularl11eS, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misslatemenl of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks". and to respond appropriately lo instan￿S of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows.. 19

United St Saviour's Charity For the year ended 31 March 2021 Independent auditor's report to United St Saviour's Charity (continued) We obtained an understanding of the legal and ￿gUlatOry requirements applicable lo the charitable company and considered that the most significant are Ithe Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Repoth'ng Councill We obt8ined an understanding of how the charllable company complies with these requirements by discussions with managernenl and those charged with governance. We assessed the risk of material mlsslalement of the financ181 statements. including the risk of material misslaternenl due to fraud and how it might occur, by holding discu￿0￿$ with management and those charged with governance. We inquired of management and those charged with govemance as lo any known in8lance8 of nonrycompliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific approprlale audlt procedures to identify nstances of non-cornpliance with laws and regulations. This included making enquiries of managemnl and thoge charged with gov8mance and obtalning additional corroborative evidence 88 required. There are inherent limitations in the audit procedures descrfbed above. We are less likely lo become aware ot instances of nonqcompliance wllh laws and regulations that a￿ not closely related lo events and transactions feflected in the financial 81atements. Also, the risk of not detecting a ma18rial misstalemenl due to fraud is higher than the risk of not detecting one ￿S￿lting from error, as fraud may involve deliberate concealment by. for example, forgery or intentional misrepTesentalions, or through collusion. U8e of our roport This report is made sclety lo the charitable company's m&mb8rs, a8 a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the company's members those matters we are ￿qUired to slate lo them in an auditof's report and for no other purpose. To the lullest extent permitted by law. we do not a¢￿p1 or assume responsibility to any party other than the ¢har'rtable company and charitable company'5 members as a txjdy. for our audit work, for this report, or for the opinions we have formed. J_A Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Srnith LLP, Ststulory Auditor 6m Floor 9 Appold Street London EC2A 2AP 17 November 2022

Statement of Financial Activities United St Saviour's Charity For the year ended 31 March 2022 Unrestricted Funds Restricted Funds Endomnent Funds 2022 2021 statement ol Financlal Activitles Income and endowments from= Donation$ and Lega¢le$ Inve5trnents 2.320 225.279 227,599 817.818 1,870.550 1,870,550 1.638,301 Charitable Actniities 647.808 647,808 586.0 other 2.209 2,209 3,153 Totsl 2,522,887 225.279 2.748.166 3,046,368 Expenditure on.. Raising Funds 1370,0711 135,5281 1405,5991 1422,2311 Charitable Actwitie5 11,312,956) 175,6641 11Q3,$601 11.492,2801 12,114,854) Total 11.683.027> 175.6641 1139.1881 11,897.8791 12.537.085) Nel galnslllossesl on Inveskn8nt8 167.744 1,344.783 1.512,527 1.481.310 Net Incorndiexp8ndlturel 1,007,604 149.615 1,205.59S 2,362,814 1.989.593 Transfers betsveen Funds 164,6501 64,650 Net movement In funds 942.954 214.285 1.205.595 2.362.814 1.989.593 Reconclliatiort of Funds Total Fund5 at 1 April 11,656,476 27.289 38,955,564 50.839.329 48.649,n6 Current year eaming5 942,954 214.265 1,205.595 2,362.814 1.989,593 Total Funds at 31 March 12,599.430 241,554 40.161.159 53.002,143 50,639,329 All actfvitres relgie to conb'nuing op8rations. The Staternent of Financial ActwitEs ￿cludeS all gains and bsses recognised during the year. The notes on page5 24 to 42 form part of these financial staiem8nts. 21

Balance Sheet Company Number '. 05092710 United St Saviourfs Charity For the year ended 31 March 2022 Notes 2022 2021 Balance Sheet Fixed Assets: Tangib￿ assets 15 9,729,719 9.790.595 Investments 16 46,970.396 45.314.646 Total Fixed Ass¢ts= S6,700,115 55.105.241 Current assets.. Debtors 19 393,784 732,415 Cash at bank and in h8Th 20 1,853,171 1,171,2 Total Current assets: 2.246.955 1,903,711 Credltors.. Armunts falllng duewlhin one year 21 11,035.2751 11.161,2421 Net CurrentAssets 1,211,680 742,469 Total Assets les$ Current Llabilitles 57,911,795 55.847,710 Creditors.. Arnount5 falling due after more than one year 14.909.652) 15.208.381) Total Net Assots 53,002.143 50,639,329 The funds of the charlty.. Endowment funds 25 40.161,159 38,955,564 Restdcted incoNÈ funds 25 241.554 27,289 Unrestrict8d funds 25 12,599,430 11,656,476 Total fund5 of the chaiity- S3,002,143 50.639,329 The financlal statements were approved and authortsed for ￿sue by th8 TN51ees on 26 septeM￿r 2022 and signed on thelr by.. Stsphen Burns JLfZ Kathryn Ogunbona Chair of the Board of Trustees Chair of F￿anCe, Investments aThJ Audi¢ C￿mittee The notes on pages 24 to 42 forrn part of these financial stat￿￿ents 22

Statement of Cash Flows United St Saviourfs Charity For the year ended 31 March 2022 Ni)ts5 2022 2021 Cash ftowfrom operatlny activltl95 Nel cash flow from opeiatin9 aGINitie5 (see ￿low) 1811,4771 1494,1041 Cash flowfrom inve$ting aGtivities thvitlends. interest and rents from investments 1,870,549 182,9131 1209 3031 2.235.699 1,638.301 Pui¢hase of tangible assets Puwcha$e of inve5tfflent property Pro¢eed$ from of other inVestr￿niS 15 11,096.4891 1619.5021 2.309.024 18 17 Purchase of other inve5tment5 17 11.831.246) 12.449.792) 1.982.786 218,458 Cashflow from financing activlttes REpayments of borrowing 1151.0611 I146.￿5} 151.061 148.295 Net cash Ilow from Inv¢$ting aGtlvlll95 1 020 248 858 857 Change in cash and cash equivalents in the year 1,020,248 18S8,8sn Cash and cash equivalents brought forward 1,355.684 2.214,541 Cash and cash ￿￿1valents Carried forward 20 2 375 932 1 355 684 2022 1£) 2021 Reconcillatlon of net m¢)vgment in fund5 to not cash flow from operatlng act6vl¥88 Net In¢¢xne forthe year as per Statement of Financial Activities Adlustmenl for. Depreuation Gharges 2,362,814 1.989.593 143.789 118.S90 IGains)Aosses on inve51men15 11,512,527) 11.481.3101 Dwidends, interest and rents from investm8Thts 11.870.550) 11.e38.3011 Ilnereaseydecreasè in debtors Incre85elldecreasel in credrtors 338.631 714,1Q4 1273.6341 1196.8801 Net cash used In op¢ra¢lng a¢lfjvities 811477 494 104 23

Notes to the Accounts United St Saviour's Charity For the year ended 31 March 2022 1. Accountlng Pollcles General Information and basis of preparation United Sl. Saviour's Charity Is a charitable company registered in England & Wales (Registered Office.'16 Crucifix Lane, London, SE18JWI. The company number is 05092710. In the event of the Charity being wound up, the liability in respect of the guarantee is lirnited to £1 per member of the charity. The nature of the Charity's operations and principal activities are the relief in need lo persons resident in the area of benefit by providing accommodation and such other means as the trustees think frt. The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 including update bulletin 2, ISORP IFRS10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, the Charities Act 2011, the Compan￿$ Act 2006 and UK Generally AC￿pted Practi￿. The financial statements are prepared on a going concern basis under the historical cost convention. modified lo include certain items at fair value. The financi81 statements are prepared in sterling which is the fvnclional currency of the Charity and rounded to the nearest pound. The significant accounting polices applied in the preparation of these accounts are sel out below. Tttese policies have been Consistent￿ applied lo all years unless otherwise slated. Funds General funds are unrestricted funds which are available for Ihe use at the discretion of the Trustees in furtherance of the general objectNes of the Charity and which have not been designated for other purposes. Designated Funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in note 24. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The ost of raising and administering such funds are charged against the specific fvnd. The aim of each reslricled fvnd is set out in note 24. Endowment funds represent those assets which musl be held pemianently by the Charty. Income arising on the endowment can be used in accordance with the objects of the charity and is included in unreslricled income. Any capital gains or losses arising on the investments fomi part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. 1.3 Income All income is included in the Statement of Financial Activities when the Charity is legally enlilled to tre income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For donations lo be recognised, the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement ¢an be obtained, then the income is deferred until those conditions are fully mel or the fijlfilmenl of those conditions is within the control of the Charity and it is probable that they will be fulfilled. 24

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends. interest, and rent. Where it is not practicable lo identify investment management costs incurred within a scheme with reasonable accuracy, the inveslrnenl income is reported nel of these costs. It Is included when the amount can be measured reliably. Interest income, dividend and rent income is recognised as the charity's right to receive payment is established. Interest on funds held on deposit is included when receivable and when the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the bank. Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parbes, il is probable that the settlement will be required. and the amount of the obligation Can be measured reliably. It is calegorised under the following headings. Costs of raising funds include investsnenl management costs & the direct costs of managing the Charity's investment properties.. Expenditure on charitable activities includes all costs incurred on furthering the objects oflhe Charity., and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are within charRable oblectlves. Wnere unconditional grants are offered. this is accrued as soon as the recipient 1$ nolilied of the grant, as this gives rise to a reasonable expectation that the recipient will re¢eive the grants. Vvhere grants are conditional relating the performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Support Costs Support costs are those that assist the work of the Charity but do not dlrectly represent charitable activities and include office costs and govemance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed lo particular headings they have been allocated to activities on the basis of staff involved in aclivilies. (See note 10.1 1.5 Tanglble Fix¢d Assets All assets costing more than £500 are capitalised Tangible fixed assets are slated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed 858ets, at rates calculated to write off the cost, less their esb"maled residual value, of each asset on a gyStemati¢ basis over ils useful life as follows. Freehold propety - 30-70 years Fixtures and fittings- 10-20 years Office Equipment- sof￿are- depreciated over life of the licence Other Office Equipment- 3 years {F￿ehOld land is not depreciated) Assets under Construction includes costs incurred in developing the New Almshouse. No depreciation is provided on these assets until suth time as they are brought into use by the charity. 25

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 1.6 Investment properties Investment properties are measured at fair value at each Teporting dale with changes in fair value recognised in 'Nel gainsl{lossesl on Investments in the Statement of Financial Activities. Assets under construction include costs incurred in developing the New Almshouse. No depreciation is provided on these assets until such time as they are brought into use by the charity. Investments Investsnenls are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value using the closing quoted market price. All gains and losses are taken lo the Statement of Financial Activities as they arise. The Statement of Financial Activities includes the nel gains and losses arising on revaluations and disposals throughout the year. As investments are revalued lo fair value continuously, no realised gains or losses arise. 1.8 Debtors and creditors receivablelpayable Debtors are recognised when the Charity is legally entitled lo the income after any performance conditions have been met. the amount can be measured reliably, and it is probable that the income will be re￿Ned. All expenditu￿ is accounted for on an accruals basis. Creditors are recognised when the Charity has present legal or constructive obligation resulting from a past event lo make a payment to a third party, it is probable that settlement will be required and the amount due to settle the obligation can be measured or estimated reliably. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their selllement value with the exception of bank k)8ns which are subsequently measured al amortised cost using effective interest method. 1.10 Tax The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. 1.11 Leases Rental payable under operating leases, where substantially all the risks and reward5 of ownership remain with the lessor. are charged to the statement of financial activities in a straight- line basis over the minimum lease term including any lease incentives received. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Employee Beneflts Employee Benef5ts The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlernenl 15 recognised in the period in which Ihe employee's services are received. 26

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide lerminalion benefits. Retirement Beneffts The Charity operates a money purchase scheme as described In more detail in note 27. Although contributions are Variab￿ as described in the note, the Charity is unable to identify its share of the underlying assets and liabilities of the scheme and it is therefore accounted for as if It were a defined contribution scheme. 1.13 Going Concem The financial statements have been prepared on a going concern basis which assumes the charitable company will continue in operational existen￿ for the foreseeable future. The trustees have considered the level of funds held and the expected level of income and expenditure for a period of al least 12 months from the date of authorising these financial statements. The charity has taken steps lo review the financial budget for 2023124 and Trustees regularfy review cashflow forecast5 and at present the trustees are satisfied that the charity remains a going concern. Judgements and key sources of estimation uncertainty The following judgements have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements. Depreciation rates for tangible fixed assets Valuat￿n of investment properties. The properties are included al valuation. These are considered lo be critical accounting eslimales in view of the amounts inVo￿ed and the judgements applied in their valuation. Valuation of pension deficit liability The above also represent the key sources of estimation uncertainty. 2. Related Party Transactlons There were no related party tran5aCtiOD5 during the year12021.. Nill Unrestrlct8d Restrlcted Eml¢)wment 2022 2021 1£> i£1 i£1 3. Income from Donatlons and Legacie$ Grants Received Donat￿n5 Total Income from Donatlon5 and L8gacle8 194.227 31.052 225.279 194.227 33.372 227.599 809,415 8,403 817,818 2,320 2,320 Unrestrlct8d Restrlcted Endowment 2022 2021 1£) 1£) 4. Income from Investments Rents and other inujme re￿￿1¥b* from investment prope￿"e$ 1,454,732 1.454,732 1,223.378 In¢ome recefvable from ￿$t•d Invesknènts Interest receivable Total Income from Investrnents 415,630 188 1.870.550 415,830 188 1.870.650 412,884 2,059 1,638,301 27

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Unre5triGtsd Restri¢ted Endo*Thent 2022 2021 (£1 5. Income from Charitable Activities Alm5house5- re5Klents rnainlenance contributions and miscellaneous incLYn8 647.808 647,808 586.0% Total Income from Charitabl8 Actlvitl05 647,808 647.808 586.096 Unrestricted Re5triGted Endowment 2022 2021 1£> 1£) (£1 1£) 6. Other Income Big Local South Bermondsey Partnership Miscellaneous in¢orne Total Other Income 1,959 250 2,209 1.959 250 2,209 3.153 3.153 Unrestrlctod Restrlcted Endovnngnt 2022 2021 1£) 1£) 7. Expendlture on Ralslng Funds - Investment Costs Investrnent Management Fees Lhrect co$ls of managing inve$lmenl proper¥es 31,461 295,721 35.528 66.989 295.721 60,427 320.437 Raising Funds employment costs Support and governano ¢osts Total Expendlfvrg on Rai$lny Fur￿S- Inv¥$tment Costs Included in direct costs of managlng Investrnant prop8rties is interast on fnanc481 liabilitKs as fefiows 29,761 13,127 370.071 29.761 13,127 405.699 29.513 11.854 422,231 35,528 2022 2021 1£) Inte￿$t on financial Ilabllrt￿s measured at 8mrti$ed Cost.. Interest on bank loans 16S,071 169,836 Unw$tri¢ted Restrfcted 1£) Endowmont 2022 1£) 2021 1£) 1£) 8. Expenditure on Charitable Activities Grant Giving Grant5 Payable (note 111 Dire¢t grant giving ernployrnent Costs Support costs Total Grant Giving DireGt Char61able Activities Dirert charitab￿ A¢tDity costs Charitable ActDIty ernploymenl costs Support Costs Total Dlr•¢t Charltablo A¢tlvitl•s 378.367 119.666 68.919 666,962 36.033 414,400 119.666 68.919 602.985 1,131,195 123.810 62.235 1.317.240 36,033 438,652 159,668 147,684 746,004 1.312,956 7,980 31,651 103,660 550.292 191,319 147,684 889.295 1,492,280 664,253 133,361 797.614 2,114,854 39.631 75.664 103.660 103,660 28

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Unr8strSctsd R8strlct8d Endovrnent 1£) 2022 2021 1£) 9. Reconciliation of Grants Payable Gran15 payable at 1 April Grants awarded during the year (note 111 Grants pa￿ during the year Grants payable at 31 March 439,413 378,367 1646.5791 171.201 9,374 38.033 145.4071 448.787 666.321 414.400 1.131,195 1691,9861 11.348,7291 172.701 448.787 Unrestrlctsd 1£) Restricted 1£) Endovmient 2022 (£1 2021 1£) 10. Support Costs Support COsts18xcludlng gc+veman¢e costs) Office rentsl costs Computer Expenses Olh&r Offit* Expense5 Communicatien, branding, annual reports Bank charges Irrecoverabk VAT Staff costs Depre¢iation Totsl Support costs lexcluthng governance cost81 2.061 32,941 19.970 11.597 1.720 2,￿1 32,941 19,970 11,597 1,720 1991 51.028 28.666 147.884 18.621 23.033 23.306 8.160 1,585 12251 42.572 12,856 12.878 51.028 28,666 147,884 Governance Costs staff costs Audilorfs ￿&MunEratIon- Autlit ¢o$ts Accountancy fees Professi¢rtal Fee5 Btrard meeting and Tw5tee expenses Totsl Governance Costs 32,165 16.584 9.320 23,611 32.165 16.564 9.320 23.611 186 81.846 229.730 31,322 18,552 8.416 21.091 192 77.573 207.451 81.846 229.730 11. Grants Pa able Unlled St Saviour'$ Chanty awards grdnls to charities, cornmunity groups ar￿ non-profrt organi5ation5 that support people and communTrttes in our area of benefit. There are 2 open acce5S 9ranls programme5- large grants. of over £5.000 aTKI Small grants of under t5,OW. We also run a strategic grant5 programme where staff play a more proactive role in ie5pondin91o needs and opportunitie5 In our locallty. Thi% may involve devebping partnerships or cornTni55ionin9 re5earGh. There are 3 current prioritles guiding the grant$ and WKler ¢ommunrty investment programme. The'P¢silve Agelng. theme seek$ to reduce isolation and increa$e wellbeing amgng5t older residents. 'Slrong. Resilient Communitie5' aim5 to buikl and $lrengthen 50aal eonnedions, and'Levelling the Playing Field, targets 5UPPOrt to population groups di5propoitionately expErienring 5ooal and economic disadvantage. Flnandal and in-klnd support 1$ also provided lo key local partner5 through a'Funder Plus, prograrnme whi¢h invohe$ tapacty building, trainirKJ, and connecting. In addltion to our own funding prograwme5. in 2021 we delivered the second comaboralive funding progra￿e. Connecting at hrislmas. Wh￿h involved donations fiom Olherfundets being allocated by the Gharity. 29

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Unr8Stricted Restricted Endowment 1£) (£1 2022 £1 2021 (£1 Grants Payable Stratsglc and Pro8Ctlvlty Grants Strategic Grants St Saviours ¢ontiifJuts"on to Southwarft Comiunly Response Fund Total Strateglc Grants Large Grants Power 2 180,000 180,000 20,000 30.000 20,000 30,000 20,000 8ede House As$odation Future Men 20,000 20.(M)O 30.(X)O 30,000 Inspire At st Peter* ChU￿h Pembroke House 20.000 30.000 25.000 30.000 25.(MXI 17.500 rime and Talents 20,000 20.￿0 Soulhwark Day Centre fer Asylum Seekers nk Age Saulhwark Age UK L2wisham & Southwark Southside Ycung Leaders Acadery Dream Believe Achieve 30,000 30,000 20,0(M) 25,000 25.000 7.420 12.500 20,000 25.000 19.444 25.000 7.420 Stsp Now Global CIC The Blath 8o0ety Flashy Wings Ministy Elimhouse Community A8seciation Young Futures CIC South London Cares 9.788 9.788 10,000 7,ryJo 10,000 7,000 8,000 5.OOCI 8,WO 5,000 80.000 English ForAthon 20.wo B￿cktriar$ Settlement 44,886 SchookHome Support Strtvi￿ UK Total Large Grants Grants d8-cornmitted Total Large, Stratsgic and Proactivity Grants 80,000 317.208 324,330 13.7501 313.458 504.330 317,208 3,7501 313A58 30

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Unrestricted Restri¢ted EndowTnent 2022 2021 1£) £1 (£1 Grants Payable other Grants Connacted at Christmas Soulhwark Comrnunily Response Fund l¥ants I than £10.0001 other grants < £10.000 Southwark Communlty Responso Fund Grants Igreatsr than £10,000> St George the Martyr Church East Dulwich Estate TRA The Walworth sO¢￿ty Age UK Lewi5ham and SDUthwark Tirne and T8￿nIS A$$tKiation Horn￿tart SoullTrwatk B8de House Association sout1￿ark D8y Centre foFA5ylum Seekers Somali Integration and DeVelOp￿Ent A5SOryatiDn Central SouthwarfL Ccmmunity Hub Pembfoke House Bermondsey Cornmunty Krtchen Dad's Hou$e Salmon Youth Centre Community Southwark Flashy Vlfings Ministry Lordship Lane Baptist Church Southwark Low Centre 10,000 46,133 56.133 382,834 11001 11001 10.000 10.000 10.CM)O 10,689 27,917 26,440 27.316 29.080 14.300 12.000 41.700 10.wo 10.wo 21,500 20,000 10,150 10,250 18,339 10.000 Southwark Day Centre for Asylurn Seekers Total Other Grants 10,000 46,033 56,033 Y12,515 Gran15 covered by St Saviours contribution Connected at Christmas Grants COve￿d by St Saviours contribution to the Soulhwath Community Response fund Grants awarded from the Southwark Community Response fund covered by external funders Feed the Fronllir Totsl Other Grants 110,0001 110.0001 1160.0001 532.515 89.750 622,265 10.000 36.033 46.033 Small Grants lup to £5.0001 Open access Small Grants Totsl Small Grants Grants to Indivlduals141rnshous¢ rosldèntsl Total Grants Awarded 4g.280 49.280 4600 4,6 49.280 378,367 36.033 414,400 1.131.195 12. Trustees. and Key Management Personnel Relnuneration and Expenses The total amount of ernployee benefils re￿1Ve￿ by key management personnel was £269.10412021." £239.6701. Pensbn conlribulion5 of £13,676 were pa￿ on behaw of key management personnel12021.. £32.1861 The chartty con5ider5 its key managÈrnent personnd to conyrise the twstees, CEO. Head of Gommunily Inv8stm8nts, Head of Housin9 and Head of Research and Influerte. No Trusiee$12021." None) aR accruing pension aNang8m8nts. The Trustees neither ieceived nor waived any ￿m￿ne[at￿)n duritvJ the year. 12021.. NID 31

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 No travel expenses weo paid to Trustees Ihis year12021". Nlll. No money was spent on leaving gffts forTrustfres12021.. £72 spent on a gnl for one Trusle&l. 2022 2021 1£) 1£) 13. Net IncomellExpenditurel for the year - is $tsted after charging Depreciation of tarvJts￿ fixed assets In(e 151 143.769 118.690 Auditorfs reMuna￿tiOn- audrt of financial Infomiation 18.403 16.920 Auditorfs remu[￿rat[0n- olherservw 2.637 975 Operating lea3e char 6.146 30,621 2022 2021 14. Staff Costs Wages and salarBs 384.863 328.192 Socval Securty costs 38,095 31,031 Other penslon ¢osts (note 261 18.8091 22.862 Total Staff Costs 414,160 362,085 The aveiage number of enyloyees during the yearwas 11.1 12021.. 8.151 The number of employees who rec8w8d employee b8nefrt3 lexcluding erry)loyer pension C0$151 lor more ihan £80,000 iq as follows.. 2022 2021 In If band £60.CM)0- £70,orM) In the band £90.￿o- £100,000 In the band £100.IXIO- £110.000 32

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 15. Tanglble Fixed Assets Assets under Construction l£} Flxtures and Fltttngs 1£) Office Equlpm8nt 1£> Propertles (£1 Total IÉ) Cost At 1 April 2021 Additions Éliminated on disposal At 31 MarGh 2022 D8pre¢lation At 1 April 2021 Charge for the year Elimlnated on disposal At 31 March 2022 Net Book Value 1.051.872 76.662 10,652,038 87,815 1Cfj,734 6,251 144.4331 68.552 11,898,459 82.913 144.4331 11,936.939 1.128.534 10.652.038 87,815 1,970,720 113,357 72.147 1,766 64,997 28.666 144.4331 49.230 2,107,864 143.789 144.4331 2.207,220 12,084,077) 73.913 At 31 Mdrch 2022 1.128,534 8,567,961 13.902 19,322 9,729,719 Al 1 Aprll 2021 1,051,872 8,681,318 15.668 41,737 9.790,595 Fr88hofd prDpertie$ above ti¢lude$ freeheld land at a cost of £3,470,CQO (all relating to St Saviours Courti. There 15 no record of the original wst of th& Hcptens Almshouse and therefore no value ha$ been assvJned to its oryinal cost nor s related freehold land. The c05t of the property relate$ lo refurbishment work since 1983. The charty hold5 further parce15 of inactwe land whiGh are not valuèj ar￿ therefore not included in the finanoal $tatem8nts. Cost of FTé¢hold Prtspèrkn¢$ Sl Saviourf5 Court. Purfey 9.122.128 Hopton's Almshouses, Soulhwaik 851,160 Functional Propety for u$e by ¢harity- 2- fltx)r. 16 Cruofix Lana 678,750 10,662,038 Unre8trlctsd Restrlctsd Endowment 2022 2021 (£1 1£) (£1 16. Flxed Asset Investments sted investments Iinduding bank balantts of a egpital nalurel Inole 17) 8,4￿.253 9,491,529 17,89S,782 16.943.104 Inve$trnen¢ Property Imts 181 6,500.031 22,573,583 29,073.614 28.371.540 Investrnent- Sub8tdiary Cempany Total Fixed ￿Sel Investments 14,906,284 32.065.112 46,970.396 45.314.64fj 33

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Subsidiaries Hopton's Charfty The Chaiily holds the corporate trusteeship of Hopton's Chaity, iegisler8d charity nurnber 1103731-2 whiGh hok1s the Hopten's ￿rMan8Tht ?ndowment and is Ilnked to the main chaiity. Hopton's 8ndoW￿￿nt 15 shown Separate￿ in Note 22. Unlted St Savlouvs Endowment Charlty Unrted St Savioufs Charity is the Corporate Trustee of Unrted St Saviourts Endowrnent Charty, re9lStered charity number 1103731-1, which holds th? Charitvs pemanent eThJowThenL and is linked te the main Charity. Unreytrictsd Restricted End¢)wThent 2022 2021 1£) i£} 1£) 1£) 17. Listed Investments Al 1 April Addition$ Disposals Revaluation5 Totsl ListÈd lrtvestmènts LL8t8d Investments capital account (not? 201 7.858.602 860.046 11,049,998) 478.931 8.145.581 8.902,114 971,199 11,185,7D11 540,828 9.228,440 263.089 16,758,716 1.831.245 12,235.6991 1.019,759 17,374,021 522.761 13,740.628 2.449.792 12,309,024) 2.877.320 16.758.716 259.672 184,388 At 31 Ilarch 8AOS,253 9.491.529 17.896.782 16,943,104 Unrestrltted Restrlcted (£1 Endovmient 2022 1£) 2021 18. Investment Pro Al 1 April Additions 6.602.358 209,303 21,789,182 28.371.540 209.303 29.826,798 619,502 Revaluations Transfers to Tangib Asse15 At 31 Mar¢h 1311,6301 804,401 492.771 11.396,0101 1678,7501 28.371.540 6.500,031 22,573,683 29.073.614 Unrestrlcted Restr6cted Endovnnent 2022 1£) 2021 1£) 19. Debtors Tr8de Debtors Other debtors Taxation and social Other prepayments and accrued inccrne 179.775 638 179,775 638 47e.277 29.049 213,368 213,368 227,089 Total D8btor8 393,T81 393.784 732A15 Construdion of the new alrnshouse (Appleby Blue) 15 undelway and henc* costs incU￿ed to date have been capitali5ed within fixed 8ssets. There ar? no amounts dua after more than one year. 34

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Unresttfjcted Restricted End0￿ertt 2022 (£1 2021 1£) 20. Analysls of Cash and Cash Equivalents Cash at bank aNJ in hand Bank balance of a capital nature (note 171 Totsl Cash and Cash Equivalerts 1.434,141 259,673 1.672,514 243.192 197,138 263.088 460,226 1,853,171 522,761 2 375 932 1.171,2 184,388 1 355 684 243 192 Unrestricted Restsicted EndoTrent 2022 1£> 2021 i£} 21. Creditors - Amounts Falling Due Within One Year Trade Creditors 50.979 83,081 52.520 83.081 220.400 74.724 T￿atIOn and 50aal 58curty Other Creditors 49,114 220,400 244.536 Accruals and deferied incorne Penslon Deficlt Liablty- Due in less than one year (note 261 Grants Payable Bank Loan Totsl Cr8dltors- Arnounts Falllng Due Wlthin One Year 348,442 348,442 285.975 14,211 171,203 155,983 171.201 341.620 155,983 151.062 1.033.734 1.641 1,035.275 1,161.242 Unrnstricted Restrlcted 1£) EndoThnt 2022 1£) 2021 i£} 1£) 22. Creditors- Amount falling due after one year Pen$lon D8fic1t Liabilty- Due in more than one year Grants payable Bank Loan Totol Credltors- Amount falllng due after on8 year 6.366 41.945 6,368 107.167 5,059,269 4,903,286 4,9J3,286 4,909,6S2 4,909,652 5.208.361 Amounts Included above Y•hich fall due after S years are a5 follows 2022 2021 i£} Payab￿ by instsiments 4.227,322 4,404.830 Loans 2022 2021 8ank Loan 1£) 151.062 5,059.269 Payable wrthln one year Payable after one year Totsl 155.983 4.909.286 5.065.269 5,205.331 The banklgan is secured by a legal charge ￿er the invesimeni prop8rtle$ Sn favour of Lloyds Bank pk. Interest 1$ fixeil at 3.089% pei annum and repayment is over 25 Yea￿ and final payment 15 due in Septeft*er 2044. 35

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 2022 2021 23. Deferred Income 141,609 161,345 Resources defrrred during the year 141,609 141,809 Reseurces releas￿ from the prevrous year At 311¢ March 1141.6091 1161,3451 141,609 141.609 Incorne has been deferred for rent received for the upcoming year. At 1 April 2021 Transfe Inlout Galnsl loss85 At 31 March 2022 24a. Fund Reconciliation Designated Funds Almshouse Devebpment Malntenan¢e ReseNe Fund". St So¥Aouts Court Inrome eAdilLJre s,ofKI,000 5.OLKI.OQD 266.707 148,4421 1¢7,1621 16,0241 70,000 288,265 138.075 Malnt&nanr ReseNe Fund." Hopton's Almshouse Major Repairs Fund '. Park Street SlnkiThJ Fund Total Designated Funds 140.237 65,000 51.551 30,000 75.527 1.449.708 6 908 203 1 535.708 7 037 575 121628 G¢neral Funds General Fund 4.748.273 2.522.887 1.561.399 315.650 167 744 5.561.855 Totsl Unrestrlctsd funds 11 656.476 2.52 887 1.683 027 12S99430 End0￿￿4n1 Fund$ USSC Endowment 36,300,101 1109.3311 29.857 139188 1.272,369 72.414 37.463,139 2.698.020 40161 159 Hopton's EndowrnEnt Total EndowTnent Funds 2,655,463 3B 955 564 Restricted Fund$ Almshouse Develowment Southwark Comunrty Response Fund Feed the Frontline One Soulhwark Fund. City Blldge Fund Conneded at Chii$tha$ 5,500 97,164 102,e64 100 11001 12501 65.000 250 21.539 41,080 49.0 38.0 13,8861 135,7651 136.1331 123,753 13,270 1.867 Totsl Re5tDded Fund$ 225 279 Total of Funds 50 639 329 2 748 166 1 887.879 1,512,527 53.002.143 The One Southwark Fund include5 £65.￿ transferred into the fvnd by Sl Saviours. The Trustee's preferenr B to show this transfer wlhin the balan￿ of the 1fr51ricted fund in the accounls rather than as a designated balanc*. 36

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Deslgnated Fund$ The Alm$hou$e DeVelO￿ent Fund was been ¢yeated to rneel the conlribLrtion the chanty will be iequired to make toward5 developing the new alm5h¢u5e in Bermondsey. As part of the conditions associated with the planning permission granted in January 2018 for the land 3194.116 Southwark Road, the charity wlll be required to fund £5 million towards the overall development Costs which are Ilkely to exrEed £28 million. The Fund is expeaed to be used on completion of the development which Is antlcipated in Nev8mber 2022. The Maintsnan¢e Reserye Funds for both St Saviours Court and Hoptons were fomied by merging the Cyclical Repaits Fur￿ and Ihe Exlraerdinary Repai[5 Fund for each property. The Cyclical RepaiTs Fund5 were established to pay for cyclical repaits at the almshouses arish)g from the quinquennial review Ilncluding painting of the exterior and cunmen parts). The Extraordinary ￿paI funds for repairs other than day-to-day and cycliGqI repalrs Transfers are rn￿e into Ihe funds according lo guidance provided by the Almshouse Asso¢iation. The Major Repaits Funtl wa5 established to provide fuThYlng for a future pro9ramme of works for Park Street prO￿rties. Th8 Sinking Fund has been e$tabli5hed to prevideforthe buildlng of Stsa￿0￿¢s Court atthe end of its useful lrfe. An annualtransfer 15 made each year $0 that around £6.000,000 will have been tranSfer￿d by the end of the expected 70 year useful life to provKJe for rebuikjing. The fund Is imiÈ$ted. and il 15 therefore anticipated that Inflationary increa5e5 in building costs will ￿ offset by capital appreciation. The inveslmonl gainlllc6s1 arising on funds in y8ar 15 shown above. The Chaaty's investments are comprised of a number of designated, endomnenl and general furKl$ The assooaled investm8nt gain5 and investment management cos15 have been apportioned bfr￿een the funds in proporbon to the value of the investments hekl in each fund at the start of the year. Endov•Thent Funds The Charity's pelmanent endowments comprise all the freefvobj propertES and all but ttTrre& efthe investment propertie5. together with a balance of non-propety Inveslrnents The percentage of investments that are represented by ertdowrnent fund5 al the start of the yearwa5 53.0% 12021.. S3.0¥il. This percentage is ap￿￿d to inv8slm8nt gains and losses and Investrnènt managetnent costs to appOrt￿n these to lfve Endowment Funds. Tha costs Charged to the endowment indude investrnent manage￿￿ntfees. depreaation of Propert￿$WIth1n the endowment. General Funds The Charity's general fund$ ale unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the 98neral objectwes of the Charity and wh￿h have not been designated for other purposes. The percentag? of Investsn8nls that are represented by general fund5 at the start of the y8ar was 47.OYo12020. - 47.OVhl. Restrlcted Funds Almshouse Dèvelopment Fund The Almshouse Development Restri￿ Fund represents grants re￿iVed fr(xn the developrrÉnt partneTtowardg the development of the new almshouse as detailed in the TTUStees report. £102.844 has been accurnulated in Ihe fund to dale which will be released as funds are expended ort the frt out costs of the development. Feed the Frontllne Fund In March 2020, the Charty ag￿ed to alknw the newty forned Feed the FrontNne organisatv)D to use one of the Chanty's bank accounts to enable an immedlale ￿$￿ThSe to the Cowd-19 pandemic. Feed thè Frontline prowded key W0￿￿erS with healthy, good qualty food to support and nouri$h thern a5 they work longer hours under In¢rea5ed pressure in the batlle against COVID-19. The operation5 of Feed the Frontline have now been transferred lo Th8 Heallhwotkers, Support Foundation. The fund has now be8n fully expended. Southwark Communlty Respons¢ Fund To help charilies. social eniÈrprises and community groups In Soulhw8Fk rnanage the irnp8cl c>f COVID-19. Vniled Sl Saviour's and 8 group ol local lunders formed a new emergency lund c811ed Ihe Soulhwark Cofnmunily Response Fund The fund was m2naged by United Sl Savioui's Chafily. with Input from other coniributing tUr￿er$ The fund has now been fully expend￿1. One Soulhwark Fund This fund ha5 been set up to transfomi I've$ and opportunrtE8 for young people in the borough Ihrough colleGtwe action. Part of a wider'giving, movement, and with a core grant provided by the Cty BrM1ge Trust (see below). the prograrnr￿ will rnobilise businesses. fundeis, community groups and local residents to give their tlme. money. network5 and influence to level the playing field for d￿adVantaged young people. The scheme went live in 2021. £65,000 was contributed to the fund by St SaviouVs Charity and the Truste&8 preferen¢0 is that it 1$ Shown in the restricted fiJnd rather than as an atldilional deswnated fund. City Bridge Trust Fund This fund exists te hold the ¢grp grant forthe One Soulhwark programme and ￿1[ cover, prinarily, staff costs re&led to the programme director. Connected at Chrlstmas This fund eX￿ted to run a campaign and grants pregramme to ensuie that a$ many clder and vulnerable Souihwark residents a$ possible (who were ￿lY lo be spending Chri$tma$ On their own) fett cared for and connected over the festive $eason. 37

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 24b. Fund Reconciliation Prior Year At 1 April 2020 Transfers lnlout GaSn81 Ilos88sI At 31 Ma￿h 2021 Designated Fund$ InGome Expenditure Almshouse development Maintenance ReseNe Fund.. St Saviours Court Maintenance Reserve Fund.. Hopton's AITnshou$e Major Repairs Fund.. Park Street 5,000,000 5.000.000 237.436 146,1181 75.389 266.707 79.021 119,548 80,800 140.237 57.653 (36.1021 30,000 51.551 Sinking Fund Total Designated Funds General Funds General Fund Total Unr88trlct8d funds 1,363.708 6 737 818 86,000 1,449,708 6 908 203 3,045.303 2,230.203 9783121 2 230 203 1.537.309 1 639115 22e.971 499160 783 1D5 783105 4 748.273 11 656476 End0￿ent Funds USSC End¢)wTnenl Hopton'5 Endowment Total End*)wment Fvnds 35.852.476 2.390.590 38,393.066 1106.3171 29,390 135 707 553,942 144.263 698 205 36.300,101 2.656.463 38,955 564 Re$trl¢ted Fund$ Almshouse development Feed the Frontllne Soulhwark Community Response Fund One Soulhbvatk Total ol Funds 223.549 230.000 281.111 1499,1601 5,500 250 1229,7501 20,000 512,515 1532,5151 21,539 50 639 329 2022 48 649 736 3 045 368 2 $37 085 Unrestricted 1 81310 Endov•Thent Restricted 1£) 2021 1£) 25a. Analysls of Net Assets between Funds Tangible As5et5 Inve5tsnents Cash Debtors Credilois due wilhin one year Credrtors due in mrÈ thon one year t.830.809 14,905.284 1,412,942 393.781 11,033.7341 14.909,6521 7,898,910 32,065,112 197,137 9.729,719 9,790,595 48.970.396 45,314,646 1.853.171 1,171,296 393,784 732,415 11,035,275) 11,161,242) 14.909.652) 15,208,381) 243.092 11,5411 Totsl Analysis of Net A$$ets betsYe¢n Funds 12.599.430 241.554 40,161,159 53,002,143 50.639.329 Unrestrided Re8trlcted End0￿ent 2021 2020 25b. Analysis of Net Assets bgtween Funds (prior yearl Tangible Fixed Assets FNed A55et Inve5trnen15 Cash Deblorg Creditors due wtthin one year Creditors due in more than one year Total Analy$i$ of N•t A$￿ts bth89n Funds 1,788,025 14.559.717 961.770 707.215 11.151,86BI 15,208,381 11.656.476 8.002.570 30,754,929 198,(b3 9,7￿,595 45.314,846 1.171.296 732,415 11.161,2421 5,208,381 50,639,329 8.134,045 43,950,702 3.277.784 11,463 25.200 19,3741 11.326.972) 5,385.8231 46,649,736 27.289 38,955,$64 38

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 26a. Analysis of changes In net debt At 1" Aprll 2021 Cashflow$ At 31 March 2022 i£} 2,375.931 Cash antl Cash equivalents Borrowings Bank loans Net Debt 1.355.684 1,020.247 15,210,3301 13.854,6461 146,295 1,166,542 15.064,0351 12.688,1041 26b. Anal sis of chon es in net debt Prlor Year At 1¥1 Aprll 2020 1£) Cashfflovjs At 31 March 2021 Cash and Cash equivalents 2,234.541 1878.8571 1,355.684 BoTrowlngs Bank loans Net Dobt 5,356.625 13.122,0841 146.295 1732,5621 5,210.330 13.854,6461 27. Penslon Commltments SCHEME: TPT Retirement Solutions- The Growth Plan Th8 cornpany participates in the scheme. a muttiomployer scheme whKh prowde5 benefi15 t¢ sorT 638 non-a58eaated participating rry)loyers. The sch8ft ￿ a defined be￿rrt scheme in the UK. It 15 not possib￿ forthe companyto obtain suffi¢nt Infomation to enable rt to ￿trUnt forthe $sherr as a defined benefbt scheme. Therefore it ac£ounts for the scheme 88 a defined Contribution schwne. The S￿Me is subject to the fvnding legislation outlined in the P8nsions Act 2004 whKh came into for¢& on 30 De(mb8r 2005. Thi5, together wth documents issued by th8 Pensions Regulator and Technl¢al A¢tuarfal Standards issued bythe Finan¢ial Reporting CeunGiI. set out the framewotk for funding defined benefit occupational pension schemès in tha UK. The schen 1$ el8$$rfd 8$ a'last-man standSng arrangemenf. Therefore the company 15 Potentlally Ilable for other part￿IPating employers, obligations ifthose employers are unable lo meet their share of th? scheme def￿rt following wthdrawal from the %heme. Partripaliry employers are fegalty iequired lo meet their share of thè sche￿* deficit on an annuity purchase basis on withdiaw81 frem the scheme. A full actuarial valuation for the scherne was Garried out at 30 September 2020. This valvalion showed assets of £8QO.3m, liabilifr'es of £831.9m and a def￿1t of £31.8m. To eliminate thi5 fundiTHJ shortkii. the Trustee has asked the participating employers to pay additional ¢ontribuknon5 to the stheme as follows.. Deficit Gontribubon$ From 1 Aprll 2022 to 31 Janvary 2025: £3.312.000 per ann Ipayable monthlyl Unle55 a concessDn ha5 been aoRed wtth the Trustse the term to 31 January 2025 applies. 39

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 Note that the scheme's prevkius valuation was carried out with an effe¢*ve date of 30 September 2017. This valuallon showed assets of £794.9m. liabllitiès of £926 4m and a defidt of £131.5m. To eliminate thi5 fv￿l￿g shortfall, tha Trustee asked the participatn9 employars to pay additional contribution5 to Ihe scheme as follows.. D¢fiGlt contributions From 1 April 2019 to 30 September 2025.. £11,243,000 pgr annum (payable monthly and increasing by 3Yo each on 1st Aprlll The wovery plan ¢ontribulion$ a￿ allo¢ated to each partKipating employei in line with ¢h¢ir e8timatad share of Ihg Ser￿$ 1 and Series 2 scheme liabilitie5. Where the Sche￿ is in deficit and where the cornpany has agreed to a defiatfunding arrangEmenl the tximpany recognises a liabilty fer thts Obligat￿n. The amount recognised E the nel pre5eDtvalue of defLit reduction contribution5 Payab￿ undei the agreement that relatès to the deficit. The present value Is cakulated using the discount rale detaI￿d in these disdosures. The unwnding of the discount rate is recognised a5 a finance cost. PRESENT VALUES OF PROvIS￿N 31 March 2022 £10,014 31 MarGh 2021 £56,156 31 March 2020 £66,538 RECONCILIATION OF OPENING AND CLOSING PROVISIONS 56,156 6.538 Provi$lon at start of Peric4J Unwndlng of the dlscount factor (interest expense) 324 1.495 D8ficit contribution paid 113.7971 Remeasurements- Impact ofany change In assurnptlon$ (2301 1,920 Remea5urements. amendments to the contrlbutlon sch8dul• 132,0251 Provlslon at end of period 10.D14 56,156 INCOME AND EXPENDITURE IMPACT ReMeaSu￿￿eTts- impo¢t of any ¢hange In assumptlons 12301 1.920 Remeasur8ments-amendments to the c0ntrfbu￿o￿ $¢hedule 132.0251 Costs reco9nlsed In Income and 8xp8nditure acGount 137.3331 122,8621 ASSUMPllONS Rate of disGount 2.35 0.66 2.53 The disceunt rates 8hown above are the eqU￿a￿￿t$1ng1e dis¢ount rates which, when used to di5CQUntthe Mlure recoveryplan ¢ontribulionsdue, would gnie the same results as using a full M corporate boThJ yiehj cuNe to di5COUnt the same r¢￿Very pLgn eonlributions. 40

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 29. Funds held as an intgrmediary agent United St Saviourfs Charity 15 the locally trusted 5UPPOrt organisation for the Big Local South Bermndsey, a t&n-year investment programm8 finan￿￿ by a charity called Local Trust with Lottery funding Th& progwmme ¢ommen¢ed in 2012 and comes to an end in 2022. The Charity holds funds on behalf of the Soulh BeTmond5ey partnership ISBPI. which delivers the fund programme arKI di5bu¥se5 grants on its behairto agreed pioje¢ts and activitie5 following ieipt of financial claims. The Charity receives funding from Lecal Trust to disburse on SBP'5 behalf. The financial 5talemenls do not nclude this fundtiig. The surnmary of fiJrKJ movJnents in the year is as follows". 2022 2021 Al 1 April Incorne Expendilu At 31 March 34,247 50,823 130.6951 54.375 75,959 69.114 1110.8261 34.247 The Charity 81so re￿Wed a rnanager*nl fee from Lecal Trust for grant adminislr8tion and running costs of £1.959 excludin9 VAT for Ihe year12021.. £3.153 exduding VAT). This income has been ir￿lUded in the Statement of Financial A¢tiviWes. Mayflower 400 Fund A partnership bethe&n Unw St Saviourf5. Soulhwath Council and British Land, the Mayftower 4m Fund ￿ supportR)g ujmmunty-led evenls. activit￿S, and project510 math and celebrate th? 400 annnfersary of the Maynower sailing frorn Rotherhithe. Contributions from all 3 partners created a funding pjl of £140,000 and the pro9ramme started In 2018-19. with United Sl Saviour5 Charity takiThJ respon5ibilty for grant administration. The finanThal statem&nls do not intlude this lunding. The Summary of fund movements in the year B as fOlkn￿.. 2022 2021 1£) At 1 Aprl Income Expenditure At 31 March 1.775 1.775 Mayfiower Fund giants of £2.100 ￿￿e made in 2021-2022. Grants of £3,875 were returned or de-committed. Thts ￿SU11¢d in a posltive fund balance of £1.775 at 31Jl March 2022. 2022 1£) 12.1001 2021 Southwatk Counc41 grants paid Rèturned & derfornrnitted grarts Alfred Salter Primary School rirne & Talents Bede House Associat At 31 March 1.550 1,775 550 1.775 30. Contin ent Liabili ton's Char The total Social Houstng grant lo help finance the refurbi5hfflent Costs of the Hopton's Almshouse amounted to £455,077. The Sodal Housing Grant is repayable under¢ert&n circuTn51ances." prim8rily foltowing the sale c4 a property bul will nom)ally b8 r8strid8d to the net preceeds otthe Sale. 41

Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2022 31. Operating lease commitments La888e At 31 Mai¢h 2022. Gharity had out5tsnding commitment5 forfuture miDiTnum ￿¥se payments under non-CAncellable leases whk falL4 due as ftrllm. 2022 1£) 2021 wrthin one yeor Bthen two and yeors 15,244 13,709 Lessor At 31 March 2022, the charity had contracted witti tenants for all the following minimurn ￿858 paym8nls. which fall due as follows.. 2022 1£) 1,049,127 2.129,226 1.272.834 2021 wrthin one ygar Be￿een and year5 In over fwe yeais 1,355,442 2.555.471 1.584.315 4.451.187 5.495.228 32. Capital Commltment The charty is building a new alrnshous? at 9116 Soulhwath Path Ro*J. Bemond5ey. The c05t of the development is being largely rnet by Itrrf developer JTRE, as part of their own s1C6 planning obligations for their private de¥eloprnent in Bank5Kle. The Gharity ha5 signed a development agr8e￿ntWhIch commits 8 £5m contribution toward5 the overall cost. This comrnitmentwill be crysiali5ed whe Ihe property is handed overto the chanty whith expected in November 2022. 42