Re8lstered Charity Number.. 1103731 Reglstered Company Number.. 05092710 United st Saviour's ChaTity Southwark Trustees Report and Financial Statements United St Saviour's Charity st For the Year Ended 31 March 2023 United St Saviour's Charity For the year ended 31 March 2023 Contents Page Reference and administrative details of the charity. Trustees, Report... .... ... Independent Auditor's Report To The Members of United St Savloutr$ Charity.. Statement of Financial Activities.. .17 .21 Balance Sheet.................................... ... ....... ... .22 ststement of Cash Flows........ .. . .23 Notes lo the Accounts................... . .24 United St Saviour's Charity For the year ended 31 March 2023 Reference and administrative details of the charity Registered Charity Number.. 1103731 Registered Company Number.. 05092710 United Sl Saviourfs Charty incorporates Hoplon's Charity. Charity reg. no. 1103731-2 and Regulator of Social Housing leg. no. A2837 Trustees Stephen Bums {Chair} Claire Treanor Lord Kennedy of Soulhwark (temi of office ended 13th March 20231 Nicola Sleuer (resigned 121h December 20221 Shane Holland Benjamin Johnson Izabela Szmidt Kathryn Ogunbona (Dowlathl Dwight Pil&Gray Cindy Glover Princess Bernard (appointed 121h December 2022} Rebecca Towers (appointed 13￿ March 20231 Jill M£Gregor (appointed 13, March 20231 Stephen McDonald lappolnted 13 March 20231 Staff Martyn Craddock, Chief Executwe Sarah Thurman. Head of Community Inv8slments Jude Leighlon. Head of Housing Alison Benzimra, Head of Research and Influence William Cole. Director of Programmes, One Soulhwark Alessandro Schianchi, Operations and Executive Support Manager Morgan Tume. Community Investment and Grants Officer then Centre Manager. Appleby Blue (appointed July 2022} Maryo Cili. Building SeNices Engineer {appointed 201h June 2022) Bas Ahsan, Finance Manager Deborah Dug¢Jale. Resldent Support Offlcer, Mopton Gardens Christine Smf(h, Housing and Support Manager, St Saviour's Court. Purley (resigned 18th De￿mber 20221 Claire Abbott, Housing and Support Manager, St Saviou¢s Court, Purley {resigned 9th March 2023) Caroline Neslor, Resident Support Manager, Hopton Gardens and Sl Saviour's Court, Purley lappoinled 10th March 20231 Helen Sleploe. Resident Support Officer, Sl Saviour's Court, Purley lappoinled 30th March 20231 Sofia Larrinua- Craxton, Communty Kitchen Manager (appointed 3rd April 2023} Ebony nnwubolii. One Soiithwark Programme Coordinator (appointed May 20231 Amy Br¢)wn, Resident Support Manager, Appleby Blue {appoinled 26th June 20231 Vicki Inglott, Resident Support Officer, Appleby Blue {appointed 1* June 20231 Princess George, Resident Support Officer, Appleby Blue lappointed 3rd July 2023} Registered Offlce 16 Crucffix Lane, London SE13JW Independent Auditor Moore Kingston Smith. 9 Appold Street, London EC2A 2AP United St Saviour's Charity For the year ended 31 March 2023 Bankers HSBC Bank Plc, 1 South Place, London EC2M 2UP Solicltors Stone King LLP. 13 Queen Square. Bath BA12HJ Clyde & Co LLP. Sl Botolph Building, 138 Houndsdkteh, London EC3A 7AR Healys LLP, Atrium Court. 15-17 Jockey's Fields, London, WC1R 4QR Investment Managers and Property Advi$ors Inveslec Wealth & Investment, 30 Gresham Street, London EC2V 7QN Knight Frank. 33 Gutter Lane. London EC2V 8AS Colliers International. 95 Wigmore Street. London W1U 1 FF Charles Parish & Co. 29a High St, West Wickham, BR4 OLP Field and Sons, 54 Borough High Sl. London SE1 1XL United St Saviour's Charity For the year ended 31 March 2023 Trustees, Report United St Saviour's Charity For the year ended 31 March 2023 Our Place In Southwark United St. Saviourfs Charity is a charty with a vision for a united and thriving Southwark with strong, inclusivè. and ÈqLJal 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 Soulhwark and the largest grant-making charity focused solely in the borough. Working in the same place over a long time enables us lo understand ils dynamics. We can keep pace with the challenges and opportunities for eommuni(ies caused by the ongoing evolution, Iransfom)alion and regeneration in Soulhwark. 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 Soulhwark's future. We foster strong, well-served and equal eommuni(ies through our granl-making and associated aclivilies. Through our community investment team, we help lo build strong ccffimunilies. tackle social needs and take advantage of opportunities lo drNe positive change. We provide social housing forolderpeople of limited means in ourthree almshouses, wth 132 dwellings in total. Hoplon's almshouse, built in 1752. is in Bankside, while Sl Saviourfs Court. originally endowed by Thomas Cure in 1 $84, now stands in PuTley. Our newest almshouse Appleby Blue. provides a further 57 homes right in the heart of Soulhwark, and has now opened in June 2023. We are committed lo leaming and improvement, and sharing our knowledge and experience widely. Our recent entry into the world of reSea￿h and influence is a key part ol ensuring our work has real impact. Above all, we have shown ourselves to be a dynamic and responsive charty in recent years. acting swiftly and flexibly to sudden crises in our communities. Our Vision A unrted and thrwing Southwark with strong, inclusive and equal communities Legal Objects, Strategy and Current Activitiee The legal objects of the charity are the relief to persons in need resident in our area of benefit by providino accommodation and by such other means as the Iruslees think fil. Our area of benefit is the London Borough of Soulhwark and such of the surrounding area as the trustees may determine. The Trustee5 adopted a new strategic plan in March 2020. a copy of which is free￿ available on the harity's website. The charity eurrently meets its objects through ils maln activities of prowding almshouse accommodation. and grants and non-financial support to organisalions. We underpin this through research and learning activities lo infomi our own practi￿S and Influen￿ other organisations. The charity owns a number of valuable commercial investment properties which provide ck)se to half the annual income. Maintaining these buildings, many of them historic and listed, and managing tenants is also a major actniity of the charity. United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) mshou= United Sl Saviouls Charty has provided accommodation for Soulhwark residents since the 16th century. Ouralmshouses provide high quality, affordable and independent accommodation for residents of Soulhwark over the age of 60 who arè in need. We offer a secure home, in an environment which combines independent living with enhanced elements of communty activity and personal support. Residents pay a weekty maintenance contribution, usually covered in full by housing benefrt. We have been building more almshouses, designed to respond to a growing and ageing population with drfferent neeés and expectations that much sheltered social housing stock fails to meet. Vve will continue to build locally, allowing more SoLJthwark people the option lo remain in the area they know and feel part of. Our visi¢)n is to make our new almshouses part of their community with activrties and spaces for everyone to mix, rather than a retreat from society for older people. We inlend lo be pioneering in what we do in our communal spaces and through using rèse8rch and shared18aming. we hope to bocomg an influential voice in the older persons housing sector. Communit Investments ci Our Cl Programme involves granl-making and a range of related activities which improve lives and opportunities for Sothhwark residents. We support. strengthen and build partnerships within the communty s8Ctor and work closdy with other funder5, businesses and public agencies lo maximise our impact. Grants are provided to chaTities, social enterprises and community groups. R earch nd Influence We are committed to offering best practices lo the people WÈ work with. The charity's research and influeneing team partners with academic and non-academic researchers lo understand and learn from what we do, deliver robust evidence of what Is most effective and best value. We wi11 share this with others in the sector and help influence better practices 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 objective5. 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 lo look after these properties for present and future charity beneficiaries very seriously and are active in maintaining the buildings and sustaining osrtive relationships with our tenants. neighbouring landowners ané the local council. Actlvities durlng the Flnanclal Year: Community Investments ndPr We award grants lo groups whose work adVan￿S our Community Investment {Cl} aims. We operate 3 grants progr8mmes'. small 9r8nts (under £3,000), lerge grants lover £5,000), and-trate9lC 9rant￿ which are invilation-only. We also run collaborative grants progrdmmes when the need and opportunity arise. Our priorities respond to important local issues and population groups. 'PosiliveAgeing' seeks lo 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 opportunty and has È partitular focus on thosè èxperièncinu social and economic disadvantage. Vve also reu4nize the power dynamics of being a funder and the responsibilities that this brings so we pul as much effort and thought into how we fund as much as whalwe fund. We were a founder member of the Institute of Voluntsry Action Research IIVARI 'Open and Trusting Funder. initiative and have adopted all the principles to make life easier for applicants gnd funded partners. Makin and Related A niities in the Year In 2022123 United Sl Saviourfs allocated £1,596,432 to the ovefall community investment programme. £286,031 of this covered staff and other costs. Unitod St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) A grAnt nf ffjrjn rjnfl tn hA iJsAd nvar hjjn ygarq was awardad tn (Init￿ 8t Savirjur's by thÈ City Bridoe Trust lo award alongside ils regular granl-m8king. £1,310.401 was awarded in grants over the course of the year. A further £6.550 was spent on our'funder plus. activf(ies lo build the strength and resilience of our partners. Notable projects in the year= Equality in grantwrnaking. Research published in 2021 revealed that BAME-led groups receive less funds than non-BAME gTOUP5. So in 2022, the Community Investment team continued in our endeavours to reach and fund a diverse range of local groups. 45Yo of our small grants were awarded lo BAME-led groups. Open and Trustlng Grant-maklng. We continued to work with the IVAR on a national campaign to positively influence the fundei community and make funders more accountable lo, and supportive of, the charty seetor. In line with these principles, 430/0 of our large grants were awarded as unrestricted providing important eore, flexible funding for local organisalions. Grants Awarded Thanks to the contribution from the City Bridge Trust we awarded a record number of grants to local groups in 2022-23. Lar e Grants 23 large grants (tr)talling £941,421> weTe awarded to IRMO Ilndo-American Refugee and Migrant Organizationl, Future Men, Pembroke House, Fight for Change Foundation. 8lackfriars Settlement, Soulhwark Day Centre for Asylum Seekers, Citizens Advice Soulhwark, Power2, Cambridge House, Time and Talents, Copleston Centre, sI￿erflI, Link Age Southwark, Soulhside Young Leaders Academy, Salmon Youth Centre, Home-stsrt Southwark, Slep Now Global. Southwark Law Cenlie, Bridge The Gap Studio$. London Bubble Theatre, English for Action. School-Home Support, and The Movement Factory Small Grants 60 Small Grants were awarded to 58 drfferent local groups, totalling £116.878. These grants supported a range of local projects and helped lo set up Warm Hubs for older and vulnerable people over the winter period when fuel bills increased and living costs escallqted. F od Bank The cosl-of-living crisis escalated towards the second haff of 2022123 and we made emergency funds available to 7 local food banks and pantries which were struggling lo meet the increasing demand.. Borough Food Cooperative, Spring Community Hub, Agape at St Matthew's Church. Coplestone Cenlre. Love North Southwark. Albrighlon Centre and PECAN. Partnershi On• Southwark: With eor• funding from the Cty Bridg• Trust and contributions from loegl busin•ss•s, One Soulhwark seeks lo harness local assets and push for changes in systems and behaviours lo level the playing field for young people. In 2022. the programme look on a cohort of 21 young peop5e who were provided with individual giant5, support and Gonnections to p¢opl¢ and businesses to help them progress. The One Soulhwark Asset Ne￿Ork r￿hed 140, comprising of both local businesses and individuals offering lo provide advice, support and work opportunrties for the cohort of young people. Many of them bonefitted signfficanlly from these connections over the course of the year. The next phase of the programme wll involve identification of barriers lo progress for (under- represented) young people. 11 will then start influencing the practice and behaviour5 Of those businesses and organisations who could make a positive land long term} difference by remving those barriers. United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) Blg Loeal South B&miondg&y IBLSBI. W@ continued to provldé flnancigl mAnggg.mp.nt and 8iJrJpnrt to the BLSB, a participatory grants programme sel up 9 years ago with Big Lottery fund5. The Partnership. made up of local residents. is approaching the last year and our involvement will come lo an end in 2023. Activities durln the flnanclal ear: Almshouses The primary focus of the housing team during this financial year has been preparation for the handover of the new Appleby Blue Almshouse in Southwark Park Road. This has requirgd a full re-organisalion of the housing team with the creation of new Rosidgnt Support Manager IRSMI positions. One oflhe RSM roles is dedicated lo managing the housing services at the two existing almshouses and the second position will be dedicated lo Appleby Blue Almshouse. These full-time roles were created lo ensure that the existing homes artrd residents remained ful 8UPPOrted whilst the Charty was prioritising the handover. opening and planning of services in the new almshouse. The new RSM for exists'ng homes manages one Resident Support Officer IRSOI al each of the existing sites. These RSOS remain dedicated lo the delivery of highquality housing and support services to our residents. The RSM forAppleby Blue Almshouse line manages two RSO'S lo work solely at Appleby Blue. The Charity continued to notice an increase in the levels of vulnerability of many of our oxisling residents. In response to this the housing team revisrted the support plans of each individual with a view to ensuring that every resident was accessing the support and seNices they needed. In many cases this was just by re-connecting with friends and family but also inVo￿ed assisting w(th hospital appointments. social serv￿e$ ￿ferra15 and sometimes benefit advice. We worked closely with Age UK in Croydon lo ensure that residents were receiving the right support and Care and to ensure that we were linking in lo approprialo l¢xal services. The Charity responded to the cost-of-living crisis, especial￿ the energy crisis, by providing warm hubs in all of the almshouse communal lounges which were healed al all limes and were open for residents to use ifthey were anxious about the cost of heating Iheir own homes. Where needed, the Charity would ensure that refreshments and hot drinks were available to residents with particular vulnerability. We partnered with the Soulhwark Pensioners and Age UK Croydon lo provide money and beneff(s advice tv IEbideiil¥ t*llTJ tlieiTI tu IllklXllTiiie tli¥ii iiiuviii¥è. ￿ as¥i$l¢J r¢$ideiit5 to Glaim a range of benefrts including the wami home discount. cold weather payments, counci5 lax rebates and Pension Credit. The Charty delivered a programme of activities and trips which included mobile phone boot Camps. armchair Hip Hop. coffee momings. afternoon lea. bingo. themed parties and visits lo the coast and gaiden centres. A fortnightly new5btter was developtd to k¢ep residents updated of activities taking place, both inside and outside the almshouses and residents were encouraged to explore new clubs and opportunities, especially in the Croydon area. Performan¢e in key result areas has been broadly maintained throughout the year and can be summarised as follows". Coll¢GtM)ii of W¢¢kly MaintenanGe Charges IWMCI- 99.8% Void performance- average turnaround 48 day5 Landlord salisfaclton - 980/0 (survey completed in January 20221 The majorty of our almshouse residents have fixed inttjmes and are elKJible for Housing Benefit.. arrears are IherefoTe very low. We have continued to give support to our residents lo pay their weekly maintenance charges, particularly those in receipt of Universal Credit. As a result, we achieved a 99.8% olleclion rate after the receipt of housing benefrt for all eligible residents. United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) The lolal number of properties becoming void during the year was 9 This represents 120A of our stock. The voids were mainly one bedroom properties, 8 ofwhich were al Sl Saviour's Court and 1 al Hopton's Gardens. The Charity continued lo find il challenging to find su&table nominees from Soulhwark for our homes in Sl Saviourfs Court. Purley. Fortunately the Charty are now able to consider Croydon nominees for homes where we had exhausted demand from Soulhwark applicants. This is pemiitted under Charity Cc¥nmission guidan￿.. Almshouse Building M8nagement 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 essentsal capital works projects in both the almshouses. ensuring that our homes are fil, safe and comfortable for current and future residents. The condition and qualty of the almshouses remains of utmost importance to the Charity and we have continued to invest in these valuable assets for the benefit of our beneficiaries. Works during the year included fixed wire testing, fire stopping works and tree replacements al Hoplon's and a programme of electrical upgrades and boiler seNicing at Sl Saviour's Court. We undertook the full refurbishment of the 3id floor communal landing al Sl Saviour's Court. which included decorations as well as heating and lighting improvements. We have now refreshed the quinquennial condf(ion reports for both St Saviour's Court and Hopton's Gardens. Our suryeyors, Promission. Complet￿ a full stock condition survey at st Swourfs Court concluding that the block is in 8 good standard of repair for a building of this age. Apploby Blue." our New Almshouse- post-balance sheet event The charity compleled the development of a new almshouse at 94-116 Southwark Park Road, Bermondsey SE1 3RD in June 2023. This provides 57 new homes for older persons in Southwark, 2 smallerdwellings for potential use by live-in carers, volunteers or researchers, and extensive communal r(x)ms and gardens for activities and socialising. The development was being funded by a private housing dovelopgr as part of a S106 planning agreement on a sf(e elsewhere in Soulhwark. It is being buirt lo the charity's design specification under a clèvelopment agreement. At handover, the charity was contracted to purchase the 999 year legse for £5m. The charity has raised finance from our own reserves and fundraising. Fil out costs will also be mel by the charity. The charty raised in excess of £2.3m capital grant. The Iruslees oflhe Mary Feilding Guild were sponding down th&ir @ndowmE*nt, and chos@ Unitod St Saviour's Charity as one of their beneficiaries Thg. v.hgrity's vision forour new alm$hoii#e 1$ lo providè high qiiality affordgF)Ip rg.trirg.mpnt hniiqing which will PToMde beautiful gardens, communty spaces and an exceptional place to live. The building will include a range of spaces for everyone locally lo enjoy, thereby helping our residents living on-site lo rnnlrihiJt& trj And rg.mxin A part of Ihg_ir loc81 commiinsty The charity continues lo explore other potential sites lor new almshouses and is undertaking detailed fÈxsik)ility studiès on one site and remains the preferr￿ affordable httusino opèrator on another sit which has already received planning permission. Activities durin the flnanclal ear: Research and Influence The charity set about embedding ils Research and Influence activicies into its Comrnunty Investment and Almshouse areas, as well as slrenglhening its position in the research se¢tor. The Almshouse Longevty Study report was published in May 2023. The study was a collaboration wlh Bayes Bijsiness School, funded by the Dunhill Medical Trust and in partnership wth the Almshouse Asswation. The report received svJnrficanl attention. as the findings showed a longevity United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) boost fnr régidp.nts livino in almshoijsps r.nmpArAd tn nldar péople of the same socioeconomic demographi¢ living in the wider cornmunty. A Toolkit for Moving into a Retirement Communty was publl$hed as part of the KindeT CommUn￿'eS project. a collaboration with Surrey University. The guide was based on a 5erie$ of focus oroups the research team held with residents and staff at several retirement communities acr055 England. The charty continued to contribute to the UCL Almshouse Resilient Communities for the Future research project. funded by Dunhill Medical Trust. The project brought together seven almshouse5. Several of the UStSC almshouse residents joined the Resident Advisory Group, and Alison Benzimra, Head of Research and Influence chaired the Professional Advisory Group. With the opening of Appleby Blue Almshouse. the Bournemouth University communily-based food model project, funded by Dunhill Medical Trust started in July 2023. The charity recruf(ed the Appleby Blue Community Kitchen manager to work closely wth the research team to integrate the research activities into the new almshouse. USISC became a sponsor of the HL)using LIN at the beginning of 2023. This sponsorship provided the charity wi(h knowledge exchange opportunities lo share ils research reports and almshouse activities with an engaged audience. The One Soulhwark programme Complet￿ ts rirsl year in 2023. IVAR'S continued lo support the programme with ils learning joumey. Several young people from the programme Irainecl lo become young researchers. These young researchers interviewed individuals from the asset ne￿ork. The rindings from these interviews were incorporated into IVAR'S annual report. The charity continues to establish Ils research and influence aclNities into the charity's broader work. The research activities and findings inform the charity's practices and provide continual opportunities lo collaborate with researchers and other organisalions doing work in Soulhwark and the housing for older people sector. Governance Structures and Key Information Structure, govemance and management co￿￿￿￿ SITUC(UT United St Saviour's Charity is a company limited by guarantee (5092710) and a registered charity 111037311. The Charity's Scheme and Company Articles of Association were updated in July 2020. TFIE LUlnPdriy i¥ Ilie LLTrlPUldtE li UbLeE vl Uiiit¥d Sl SclVlOUI'S Eiidowm¢nt Chfjrity Ire9 Gharity 1103731- 11 which holds the permanent endowment, and Hoplon's Charty {1103731-21 registered provider of social housing no. A2837}. The directors of the company effeclivety act as charity trustees and are Krivwii LIubl¥es. Tliv Cliaiily CuiTiiiii>birJn l)as issued a unrfing direction foi the GharitieT>. Trustees appointed prior to July 2018 serve for a maximum of three temis of three years. Atthough the new Articles of Association allow some flexibility. Trustees appointed since Juty 2018 now serve t lerms of fgur years, witli a possibility of an exifa year. Tru5ttes are usually expected to INe or work in Soulhwark at the time of being appointed. Govemance Stwclure The Board consists of a minimum of three and a maximum of ￿e1ve Trustee5 which meet four or more limes a year. There are committees of the Board.. Community Inve81ment Committee and Finance, Investments and Audit Committee. Each Committee meets four time8 per year Working groups are also formed (tcasionally lo deal with specific matters such as the new almshouse, and research and influen¢ing matters. io United St Saviour's Charity For the year ended 31 March 2023 Trustees Report {continued) Twslees review strategy and priorities of the Charity at their meetings. takinq into account communty investments, almshouse management and building development programmes, research activities, investments and risk management. An annual strategy meeting is normally held by Trustees lo plan piiorilies. The Trustees consider the Board of Trustees, the Chief Executwe and the senior management team as comprising the key management personnel of the Charity. The day-to4ay management and control of the Charty is delegated to the Chief Executive. Trustees are required lo disclose all relevant interests annually and register them with the Chief ExeculNre and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. Trustee8 also sign a code of conduct agreement annu81ty. Tmstee tI3Aning, recruilment, and rernUneTrt￿n Trustees regularly review the skills and perspectives fell essential lo govern the charity effectivety and undertake ￿gUlar training. New Trustees are recruited through agencies, by word of mouth and public advertisement. and participate in an induction programme organised by the Chief Executive. During the year. the Board reviewed their own effectiveness and have made changes to address the resuts of the review. All Trustees give their time freely and no Trustee remuneration was paid in the year. History The charity today is modern and forward-looking, proud of our roots, bul not restrained by them. The ¢harily traces ils earliest roots back lo the fifteenth century. It was finally incorporated under a charter of Henry Vlll as the Corporation of Wardens of the Parish of Sl Saviour, Soulhwark, lo manage parish affairs and local charrf(i&s. Our archives ar& vast and mostly held in the National Archive al Kew. or London Melropolilan Archive. Vestiges of our past are preserved in the ancient Warden titles still given to each of our Trustees e.g. Warden of the Great Account. Bell Warden, Renter Warden. We also hold an annual service al Soulhwark cathedral lo celebrate the live8 of our or￿inal benefactors, including Thomas Cure MP, the founder of our first almshouses in 1588. Staff remuneral￿n Staff salaries were independently evaluated in 2018 and levels were set in line with an agreed policy. Staff sa14ries are typically increased in l*ne with irsflation each year. In light of curr•nt geonomic conditions, this will be reviewed in 2022 The Chief Executive receTrted lolal emoluments (salary and pension paymenlsl of £110,498 in the financial year. Equality, DAVe￿Ity and Inclusion Working in Soulhwark. the Iruslee5 and staff of United Sl Saviour's Charty recogni5e that our diverse bornijgh hAs r)nA nf I nnrlnn'A IArgg.qt pnpiilAtinn nf Rlxr.k nthgr minrjrity Ftthnir ritiz&nq Th& charity responds lo the ￿81 injustices faced by these communities and has made a number of commitments to change the way we work. Much of our woth today is deliberately posf(ioned lo meet these commitments. Whilst these commilmenls large￿ focus on tackling racism. the charity continues to address dlscrimination in all ils foms, in particular that experienced by the LGBTQ+ and older population in Southwark. Inclusion forms part of our Gore values. We are committed to r￿eetINg, ¢el¢bratlng and championing the dwersty of Southwark. We strive to create equal access and opportunity for the most disadvantaged groups to achieve a better Soulhwark for everyone. li United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) Membership bodies and partnerships The Charty is a member of NCVO as well as the grant makers, umbiella body the Association of Charitable Foundations. We are also a member of London Funders. a group of investors and grant making organisations in London's civil society. We also work closely with other grant making trusts in Soulhwark and attend the Southwark Funders, meetings. In respect of our almshouse provision. the Charity is a member of the Amshouses Association, and part of the Larger Almshouses Networking 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 Propety Group, and EROSH. Wrthin Southwark, we are pleased lo take an active part in many ne￿OrkS. community assemblies and neighbourhood meetings, and maintain a strong relationship with Southwark Council. We relain a close relationship lo our historic parish respon5ibililies and remain active in the Borough Market Enwrons Group, which helps ensure that the character ofthe area is not harmed by developments and change$ and inflUen￿S the shape of new developments. Public Benefit Trustees have roferrod lo the Charity Commission's general guidance on public benefit including ils guidance 'Public benefit.. running a charty IPB21' to ensure that activities meet the requirements. Risk mltigation 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 faces and confirm that systems are in place lo miligale the significant risks. The Charity'5 risk register addresses operational risk, financial risk, and repulalional risk, whtch Gould arise through. for example, fraud or ineffe¢live grant making. The principal risks that the Trustees have idenlrfied are reputational. operational, and financial. The inability lo house our older residents in our almshouses, either temporarily or longer-lerm, as a result of dis85ter. health and safety failure or fire etc., is mitigated through control systems and insurance. The charity has appointed an external Health an($ Safety consultant as Responsible Person. Most of the almshouse residents are considered vulnerable persons, and this brings risk of an adu safeguarding failure. This is miligaled through control systems such as saleguarding procedures an¢J Stsff training. The ¢harily appointed an external Safeguarding consultant during the yearfor advice and support. The charity's financial position may be impacted by a downturn in central London commercial fents and significant cosl-over run on a major capital project. The exceptionally high rate of inflatson could reate signrticant cost pressure5 on maintaining ihe almshouses and invesimerrt propertles, an¢J recruiting and retaining high quality staff. Strong financial systems. iegular reviews of the long-lerm Cash and financi81 projections, professional management and extern81 advice mf(igate this. The charity has 8 £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 risk 2nd Ihe chaniy has already taking slep5 to mitlgate them. The irustees acknowledge thai although the community investment grants funding is important to the local voluntary sector in the area of benefit. IheTe is no legal obligation to maintain this funding and the funds could be diverted towards ban mmitments ff necessary. 12 United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) Flnanclal revlew The charity had a positive year with an unrestricted fund surplus of £426.744 before investment losses and transfers. Investment losses resulted in a deficit on the unrestrict8d fund of £50,695. Community Investment graflt making was scaled back for a further year due lo the global pandemic and the uncertainly of investment income. As the risk of leaseholder default has diminished. the cash surplus created from this has helped the charity build cash reserve5 to help fund the cost ofthe new almshouse in 2023, and will therefore bring prior year grant making levels back to normal. The principal sources of income continue lo be commercial investment properties {29%1, contributions from alrnshouse residents1110A1, and listed investments income180AI. This income is used lo fund the charitabl8 actNities, maintain buildings, and fund support costs. Following a £2.3m restricted grant from the Mary Feilding Guild lo fund the new almshouse, a lotsl of £2.98m of in¢ome restricted for use in the Appleby Blue development and other charitable programmes {One Soulhwarkl was Tecognised in the year. C(Ists of managing th8 almshous8s and providing support services increased as the scale of the charity's aclivf(ies grew. Staffing levels increased in preparation for the new almshouse. Rentsl income from investment properties gTew by 14.40A thanks lo renegotiated leases for some principal properties. The value of the investment property increased by 2.90A during the year. Listed investments decreasa in value by 5.50A. In total. the balance sheet funds grew by 5.3Qk. Ro$grves pollcy The Trustees review the reseNes policy annually. Trustees have maintained their risk-based approach lo setting the appropriate level of unreslricled reserves. Having considered the signrficant iisks the charity is exposed to, Trustees consider that a prudent level of general reserves equates lo approximately 8 month5 of budgeted unrestricted lund expenditure in a typical year. The current level of free reserve5 15 £10.5m from 8 lolal of £12.5m in the Unresliicted Fund (Total Unrestricted Funds (Note 25a) less Tangible Fixed Assets IUnreslrided}I 31.03.2023 31.03.2022 Total Unreslrieted Funds- Gerteral Funds (Note 248} 5,379.707 5,561,555 Less.. Tangible Fixed Assets (Note 25al Investment Propety (Note 181 less borrowings against investment property {2,083,9541 {1,830,8091 11.496.895) 11.434.762) I"otal free Liquiu reserves £1,191J.bJ8 £2,29ti,284 Taoet level of fiBe reseNes r2,323,723 £2.024.729 The charity's reserves levels are Eelow target at 6.2 months of budgeted unrestricted fund expenditure for 2023-24. The Trustees reeognise that there is currently a shortfall of £0.52m in the resetves lor 22Vh of the targell. however. the trustees will be reviewing the reseNes policy during the next financial year, in particular the historic decision to hold £Sm in the new almshouse development designated fund. now thatthe new Appleby Blue Almshouse has been completed. 13 Unitod St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) DÈsionatÈd Funds The charty holds a number of designated funds within the unrestrfcted fund. Both almshouse properties maintain and hold reserve5 {combined value £445.7441 for future capftal expendf(ure requirements which have been highlighted in a surveyorfs quinquennial reports. Trustees have agreed a levd of designated fund which must always be held in order to meet unforeseen costs at the almshouses. A designated fund (value £101.575I is held to build up adequate funds to maintain and refurblsh the investment properties. The charity has hislortally held a £5m designated fund towards the future development of new aknshouse. This has been held to give Iruslees flexibilty in deciding whether the charity should take out loan finance or sell investment5 in order to meet the £5m cost of the new almshouse at Soulhwark Park Road in 2023, and any future almshouse development opportunities. The donation of £2.3m from the Mary Feilding Guild means that the charity can undesignated £2m from this fund, leaving £3m for future almshouse development opportunities. The Sinking Fund has been established lo provide fu the building of St Saviourfs Court al the end of rts useful life. Investrnent policy and performance The overall objectives are lo create sufficient income and capital growth to enable the Charty to carry out its purposes eonsistently 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 relums which balance income and capital growth. whilst taking a medium to high risk appetr(e reflecting the perpetual lime-horvzon of the charity. The asset allocation is broadly 750A equbty to 25°A fixed income. The investment manager is asked lo generate a set level of incon)e each year which represents approximately 2.5'kn yield and considered a sustainable distribution level. Some of the unrestricted fund capital and all the income may be used at any lime for the furtherance of the Charity's aims. The inveslrnent portfolio is managed on a discretionary basis by Inveslec who provide quarterly performance reports to the Finance, Investments and Audit Committee for review. The Charity has been satisfied with the manaqer's performance in 2022123. The Charity's investment properties in Southwark provido a signrficanl part of the Charity's income. They include four pubs, nine retail shop units, four offices. Iwelve flats and one house. Many of these pfoperties are historic properties built on land bequeathed lo the Charity in the 16Lb Century. The Trustees use a range of expert valuers and letlings agents to advise them. Responsible Investment Policy The Trustees adopted a new Responsible Investment Policy in 2022. The charty will favour investments in areas that demonstrate respect for the planet, respect for people and good corporate governance. Our investment principles will align wf(h the UN Sustsinable Development Goals, and in particular SDG 3 (Good Health and Wellbeing). SDG7 (Affordable Clean energy, SDG 9 Ilnduslry, infraslruclure and innovalionl, SDG11 Isustsinable Cities and commun(tiesl, and SDG13 (Climate Aclionl. We will avoid businesses that are ef(her unsustainable or seek to exploitvulnerable peopl8, and start lo disinvest from companies that are not taking seriously their responsibilities to assist with the transition to 8 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 lo the UN Principles for Responsible Investment and the UK Stewardship Code and will b8 supportive of our objectives and help to rai$e orporate standards through shareholder engagement and active stewardship. The Trustees will rnonilor the performance of the investment manager against these cr(teria. 14 United St Saviour's Charity For the year ended 31 March 2023 Trustees Report (continued) FUTURE PLANS The charity's 5 year strategic plan was adopted in March 2020, a copy of which is published on our website. The Trustees reviewed the strategy in June 2022 to ensure il remained relevant after the impact of the global pandemic and in the current economic climate and with exceptional inflation. The Charty has opened the new Appleby Blue Almshouse having tsken transfer of the 999 year lease from the developers. The Trustees have decided to use cash-based unreslricled regeNes to fund the balance of the £5m required. after the Mary Feilding Guild £2.3 donation. Al the time of writing, the almshouse has over 40 residents in the 57 units, and the building is in use as a community space for the wider neighbourhood. The focus in 2023124 is to understand the management ofthe building and get lo the know the new residents and their support needs. The charty plans to hold a number of events lo celebrate the opening. Grant expenditure on the Community Investment programme in financial year 2023124 has been restored lo pre-pandemic levels and a budget of £1 m has been allocated. The charty wi51 spend the 2nd tranche of the City Bridge Trust grant of £500k. The Trustees future strategy is lo increase grant making year-upon-year lo meet the ever-present needs of disadvantaged communities in Southwark The One Southwark 'gwing' programme will continue lo grow its base of partners to support the cohort of young people. The grant from the Merchant Taylorfs Foundation from 2022 will fund a Pre￿ of commissioned research lo evaluate the programme. The research and influencing strategy is now in ils second year and will use the new almshouse as a springboard lo develop research initiatives. Funding from the Dunhill med￿al Trust will enable an exciting research project with Bournemouth University to go ahead. The Trustees will start the pro￿5$ of lormulaling a revised strategy for 2025 onwards during 2023 and 2024. Part of this ￿VIeW will consider the bng held strategy to grow the almshouse numbers further and identify new siles. STATEMENT OF TRUSTEES. RESPONS181LITIES The Trustees Iwho are the dlrectors of Unrted St Saviourfs Charity for the purposes of Eotnpany law} are responsible for preparing the Annual Report and the financial slalernenls in accordance wth applicable law and Untied Kingdom Aceounting Standards (United lQngdom Generally Accepted Acrounting PiaGticel. Company law requires the Trustees to prepare financial slalemenls for each financial year, which give a tiue allTJ fair vvew of the state of aff¢all¥ uf IliE LliarildblE LUITIPdlly diid Ilie iiiioiiiiiig i¥souiGes and application of resources. including the income and expenditure, of the charitable company for the year. In preparing these financial slalements, the Trustees are required to.. select suitable accounting policies and then apply them consislentty, observe the methods and principles in the Charrties SORP, make judgements and estimates that are reasonable and prudent, state whether applicable UK Accounting Standards have been followed. subject to any materi81 dÈpartiJres disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless il 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 al any time the financial position of the charitable company and enable them lo ensure that 15 United St Saviour's Charity For the year ended 31 March 2023 the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the detection and prevention of fraud and other irregularities. In so far as the Trustee$ are aware". there is no relevant audit infomialion of whith the charitsble company's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make theMSe￿eS aware of any r@￿vant audit information and lo establish th81 thè auditor is aware of that information. The Trustees are responsible for th8 maintenance and Integrty of Ihe corporate and financial information included on the ¢haritable company's website. Legislation in the United Kingdom governing the preparation and dissemination of fInar￿la1 statements may drffer from logislalion in other jurisditions. AUDITORS Moore Kingston Smith have indicated their willingness lo continue in office and offer theMse￿eS for re- appointment as such. under Section 485 of the Companies Act 2006. PREPARATION OF THE REPORT This report has been prepared taking advantage of the small companies exception of section 415A of the Companies Act 2006. It was approved and authorised for issue by the Trustees on 2nd October 2023 and signed on its behalf by= Stephen Burns Chair of the Board of Trustees 2nd October 2023 16 United St Saviour's Charity For the year ended 31 March 2023 Indopondant Auditor's Roport To Tho Mombors of Unitod St Saviour's Charity Opinlon We have audf(ed tho financial stalomants of Unilad St Saviourfs Charty I'the company'l for the year ended 31 March 2023 which comprise the Sialemenl of Financial Activities. the Balance Sheet, the Cash Flow Slalement and note5 to the financial slalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Un(ted Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalemenls.. give a true and fair viaw of the slate of thè charitable company's affairs as al 31 March 2023 and of ts incoming resources and application of resources, including ils income and expenditure, for the year then ended,. have been properly prepared in accordance wf(h Unf(ed Kingdom Generally A¢ceptsd Accounting Practice," and have been prepared in accordance with the requirements of the Companies Act 20C6. Basls for opinion We ¢ondu¢lgd our audit In accordance with International Stsndard8 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those slanéaTds are further described in the Auditor's Resporbsibililies for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfillèd our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and *propriate to promde a basis for our opinion. Conclusions relating to going ¢oncern In auditing thefinancial slatemenls. we have concluded that Ihetrustees, use oflhe going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identrfied any material uncertainties relating to events or conditions that, individually or eolleclivety, may cast significant doubl on the charitable ccwnpany's ability to continue as a going concern for a poriod of at least bwelve months from when the financial statements are authorised for issue. Our regponsibilities and the TesponsihilitHBs of the tru#t8èS With rèspeet to ooino eoncern are de$eril)ed in the relevant sections of this report. Oth@r Informatlon The other infoTmalion comprises the information included in the annual report, other than the financial slalem8nls and our auditor's report thereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other inlomialion and, except lo the extent othe￿$Se explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilty is to read the other infomation and, in doing so, consider whether the other infomalion is materially inconsistent wi(h the financial Statements or our knowledge obtained in the course of the audit or olhewise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material misslalement in thefinancial statements themselves. If, based on the work we have performed, United St Saviour's Charity For the year ended 31 March 2023 Independent auditor's report to United St Saviour's Charity (continued) we conclude that there is a material misstatement of this other infomalion, wa are required to report that fact. We have nothing lo ￿pOrt in thi8 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 infomiation given in the trustees, annual report for tha financial year for which the financial statements are prepared is consislenl with the fsnancial slalements,. and the IrLJStees' annual report have been Prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the company and ils environment obtained in the course of the audit, we have not identified material misstslemenls in the trustees, annual report. We have nothing lo report in respect of the lollowing matters where the Companies Act 2006 roquires us to report to you rf. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and roturns,. or certain disclosures of Iruslees. remuneration specffied by law are not made.. lorl we have not received all the infomiation and explanations we require for our audil.l orl the trustees were not entitled to prepare the financial slalements in accordance with the small companies regime and take advantage of the small companies exemplK)n in preparing the trustees, annual report and from preparing a strategic report. Responsibilitles of trustees As explained more fully in the trustees, responsibilities ¥tatem#nt s•t out on p89e Ixl. the truatees {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 ¥u¢h internal Gontrol a¥ th¢ trutyte¢s determine ia necessary to enable the preparation of finan¢ial $latement$ that are free from material misstatement. whether due to fraud or error. In preparing the financsel Statements, the trustees ore reapon#iblc for Ossessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of aceounling unless the Iruslees either intend lo liquidate thc ¢hgritgbl¢ ¢ornp0ny Or to c¢&se opcrotion=, or hove no realistlG a￿ernat￿e but to do ￿. Auditorfs Responslbllltlo$ for thg audit of the financial statements Our objeclNes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or e¥ror, and to issue an auditorfs report that includes our opinion. Reasonable assurance i¥ a high level of 8ssuranc8, but is not a guarantee that an audit conducted in accordance with TSAS {UKI will a￿yS delect a material misslatementwhen il exists. Misslatemenls can arise from fraud or error and are considered material if. individually or in aggregate, they could reasonably be expected lo influence the a¢onomic dacisions of users taken on the basis of these financial statements. 18 United St Saviourfs Charity For the year ended 31 March 2023 Independent auditor's report to United St Saviour's Charity (continued) As part of an audit in accordance with ISAS (UIQ we exercise Professional judgement and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statement3, whether due to fraud or error. design and perform audit procedures iesponsive lo those risks, and obtain audit eviden￿ that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detectin9 a matarial misstatamant rasulting from fraud is hi9her than for one resulting from error, as fraud may involve collus￿n, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an undèrstanding of intemal control relevant to the audi( in order to design audit procedure$ that are appropriate in the circumstances, but not for the purposes of expressing an opinion on thg affg¢tNieng98 of the ¢haritabl¢ Compan￿9 intamal 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 Iruslees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or condi(ions that may cast signrficant doubt on the ehari18ble company's abilrty to continue as a going concern. If we conclude that a material uncertainly exi8ls. we are required lo draw attention in our auditor's report to the related disclosures in the financial slalernents or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audrt evidence obtained up lo the date of our auditor's report. However, future events or ¢ondilions may cause the charitable company lo cease to continue as a going ￿nCern. Evaluate the overall presentation, structure and conlenl of the financial slalemenls, including the disclosu￿$. and whetherthefinancial statements representthe underlying transactions and events in a manner that achieves fair presentation. ¢ommuni¢ate with those Gharged with govemance rtgarding. among Other mattors. tho planned scope and liming of the audit and signrficant audit findings. including any significant deficiencies in internal control that we identfy during our audf(. Explanation as to what extent the audSt vms consldered capable of detectlng Irrggularltlgs, including fraud Irregularities, Including fraud, are instances of non-compliance wf(h laws and regulations. We design proe•dur•s in lino with our r•spongibi1it109, Outlinod abov•, to dotoet matorial misstat•m•nts in r•sp*iet of irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audf( in respect of fraud, are,. to identify and a$$ess the risks of material misslalement of the financial statements due lo fraud," lo obtain sufficient appropriate audf( evidence regarding the assessed risks of material misslatemenl due lo fraud, through designing and implementing appropriate responses lo those assessed risk5'. and to respond appropriately to instances of fraud or suspected fraud identrfied during the audrt. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govern8n¢e of the charitable company. 19 United St Saviour's Charity For the year ended 31 March 2023 Independent auditor's report to United St Saviour's Charity (continued) Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable lo the charitable company and considered that the most significant are Ilhe Companias Act 2006. the Charities Act 2011, the Charty SORP. and UK financial reporting stsndards as issued by the Financial Reporbng Counci We obtained an understanding of how the charitable company complies w(th these requirements by discussions with management and those charged wi(h governance. We assessed the risk of material misslalemenl of the financial slalemenls. including the risk of material misslalemenl due to fraud and how (t might occur, by holding discussions with management and tho89 charyed with governance. We inquired of management and those charged with govemance as to any known instances of non-¢ompliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audit procedures lo identify instances of non-complianGe with laws and regu5alions. Thi8 included making enquiries of management and those charged wtih governance and obtaining add￿Onal corroborative evidence as required. There are inherent limitations in the audit procedures described above, We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely Telated lo events and transactions reflected in tho financial statements. Also, the risk of not detecting a material mis51atemenl due lo fraud is higherthan the risk of not detecting one resulting from error. as fraud may involve deliberate COn￿alMent by, for example, forgery or intentional misrepresenlalions, or through collusion. Use of our rgport This report Is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has bèen undertaken so that we might slate to the company," mcmbcr- th￿￿e matters we are requir¢d to etata to thom in an auditor'8 r•port and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty lo any party other than the charitable company and charitable company's members as a body, for our audit work, for this report. or for tha opinion8 we have formod. J_A LLP Neil Finlayson (Senior Slalulory Audrtorl for and on bèhalf of Moor• Kingston Smith LLP. Statutory Auditor 61h Floor 9 Appold Street London EC2A 2AP Dale 20 November 2023 20 Statement of Financial Activities United St Saviour's Charity For the year ended 31 March 2023 Statement of Financial Activities Unr¢$trfG¢¢d Funds R•8trlctad Funds Endo*Th6nt Fund8 Not¢s 2023 2022 statement of Flnancial Activltles Ih¢om• and ondovmients from.. Don31B)￿ aTvJ Legaues Invesltnents 1828 2.981.245 2,984,073 2,150,225 2.150.225 1,870,$50 Adlvllles OlhEr 650,668 850.e68 647,808 16,559 16.559 2.209 Totsl 1820,280 1901,245 4801.S25 2,744166 Exp8nthtuFo on.. Raisiry Fur* Chariiabfe Adlvllles 1314.9271 132.8021 1347.7291 1405.599) 12,078.6091 1424,e141 1103.6601 12.606.883) 11.492,2801 11954,6121 11,897,879) Total 113946361 14266141 1136.4621 Nel1105sesllgains cn Investments 1477,4391 441,218 1362211 1.512.$27 Not Incom•llExpondltLEr•l IW6951 2,556,631 304,756 2.810.692 1361814 Tr8n$fers bekne￿ Furth Net movement In funds 150.6951 2.556.631 304,756 1810,692 2,362,814 RBcrJncllIa￿Dn Df Funds Total Funds at 1 Apdl 12,599.430 241,554 40,161,159 53,002,143 80.639,329 ¢￿Yr¢nIYt9rtOm1ft9¥ 150,6951 2.556,631 304,756 2.810.6¥2 2.362.814 Total Fund8 at 31 hlarch 12,548,736 1791185 tIO,465.915 55,812.835 51001143 JI aCt￿lIeS relaleto contiryjlng operalknrs. The SlalerrEnt of Financial ActivitEs includes all gains and loyses recollnised during tr* year. The notes on pages 24 to 40 fom part ofth85e finarKial statements. 21 Balance Sheet Company Number: 05092710 United St Saviour's Charity For the year ended 31 March 2023 Notes 2023 2022 Balanco Shoet F6xFd Assets: Taroitye assets 15 9,879,203 9.n9.719 In¥e5knenl 18 46.815.175 46,970,396 Total FIx9d Assrfs.. 56.694.378 5(700,115 Current as$Éts: Debtors 19 915.438 393,784 Cash al bank and In hand 2CI 4.547.412 1,853.171 Totsl C¥fr8nt assets: 5.462.950 l244956 credtto￿.' Amouits fallhg d￿￿11hrI one year 21 11.515.044) 11,035,275) Net ¢urront A558ts 3,947.806 1.211.680 Total Ass¢ts loss ¢urrènt L¢4blllti08 Crwjilors. Amoun15 falling due Hfter tnore than one year 60.642.184 51,911,795 22 14,829,3491 14.909.652) Tolal Not Assèts 55,812,835 53.002.143 Th¢furtd6 tyf tho ¢hartty.' End0￿￿nt￿n¢5 25 40,465,913 40.161.159 Reslricled income f￿d¥ 25 2.798.185 241,554 Unre51ricled funds 25 12.548.735 12,599,430 Totsl lunds ol the charlty: 55,612,835 53.002.143 Tre financial ststemerts apsxoyed and auth0ri8ed for Issue by Trnts*es on 2- October 2023 and signed ￿th￿r tehalf by.. Stekknen Bum$ Kathryn 09unt¥Jna Char of Il* Board ofTwstees Chalr oKFlnance, Inve51ments and Audbt Commlttee The note5 page5 2410 40 fom part ofihe$e fmand* statements 22 Statement of Cash Flows United St Saviour's Charity For the year ended 31 March 2023 Not88 2023 2022 Cash flowfrom Opera￿ng actjvltlos Nel flow from operating acti¥llle$ (see betow) 1.017.258 1646.4061 Cash flowfrom Investlng actlvlil88 DI¥￿ends. Interest and ren15 from Investsnetts Purchase of tangible assets Purcha$e of inve51rrent txoperty Proceed$ sale of other inveslrn8rt8 2,150.225 1276,1101 117.5811 12,548,097 1.870.￿9 1S 182.9131 1209.3031 2.235.699 18 17 Purchese of other Invegtmenl$ 47 112.362.532) 11.831.246) 2 042 099 1.982 786 C•shllowfrom financing aEtlvhle5 Repaymenis of borrowng Interest paN1 1155,98¥ 1160.1491 1151,0611 1165,0711 318 132 316132 Not cash flowfrom Im195tln9 acttsttlos 743 225 1020 24B Ch•nge In ¢#$h and ¢4sh equivalents in the y￿r 2,743,226 1,020,248 Cash and cash equwalents brou￿1 foNMrd 2.375.932 1.355.664 Cash and cash equlvalonts carrtod torward 119157 2 375 932 2023 i£} 2022 R•¢onclllatlon of n•t mov•m•nt In fvnd$ to nrf cash Ilow from OP8fatlng actl¥ltles Nel incDme ftylhe year a$ per siatement of FinanrAal Ad1vil￿$ Adluylmanl for. Deprecialon charge8 Finance Charges LossesllGainsl ￿ In￿lMentS DNidends. interest and ren15 from investments 1810.692 2.362,814 126,626 143,789 1eo,149 36221 165,071 11.512,5271 11.870.550) 336.031 12.150.225) (bk1,fj¥41 555.449 Iinueaseiiaecrease in aeDiors Iwas¥lderxe￿el in ¢reditotS 1273,6341 M•t¢ash In oporating a¢thlll¢$ 1017 258 23 Notos to tho Accounts (Continued) United St Saviour's Charity For the year ended 31 March 2023 Notes to the Accounts 1. Accounting Policies General Infomlation and basis of preparation United St. Saviour's Charty is a charitable company registered in England & Wales (Registered Office.'16 Crucifix Lane, London, SE18JW). The company number is 05092710. In the event of the Charty being wound up, the liability in respect of the guarantee is limrted lo £1 per member of the charty. The nature of the Charity's operatior and principal activities are the relief in need to persons resident in the area of benefrt by providing accommodation and such other means as the trustees think fil. The Charty constitutes a public benefit entity as defined by FRS102. The financi81 statements have been prepared in accordance with Accounting and Reporbng by Charities.. Statement of Recommended Practice applicable lo charities préparing their accounts in accordance w(th 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 Rapublic of Ireland. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The financial statements are prepa￿d on a goSng ccmcern basis under the historical cost convention, modified lo include certain items al fair value. The financial 51alemenls are prepared in sterfing which is the functional currency of the Charity and rounded lo the nearest pound. The significant accounting poliees applied in the proparalion of these accounts aro sel out below. These policies have been consistently applied to all years unless otherwi88 $t*ed. Fund$ General funds are unrestricted funds which are available for the use al the discretion of the Trustees in furtherance of the general obl￿tIveS of the Charity and which have not been designated for other purposes. Designated Funds comprise unrestricted funds that have been sel aside by the trustees for particular purposes. The aim and use of each designated fund is sel out in note 24. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donor5 or which have been raised by the Charity for particular purposes. The os( of l¢iisin9 ond odiiiiiiistering SUGh lund5 are Gharged against the tspeG1f￿ fund. The oim of each restricted fund is set out in note 24. Endowment funds represent those 9ssgts which must he held pèmang_ntly hy th6J Charity. Income arising on the endowment can be used in accordance wf(h the objects of the charity and is included in unrestricted income. Any capital gains or losses arising on the investments form part of th& fund Investm8nt manaoemgnl r.hArgAs 2nd legal advicè relating lo the fund are charged against the fund. Income All income 15 included in the Statement of Financial Activities when the Charity is legally enlilled to the income after any perfomiance conditions have been met, Ihg amount can be measured Teliably. and it is probabb that the income will be receNed. 24 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 For donat￿nS to be recognised. the Charity will have been notified of the amounts and the settlement date in writin9. If there are conditions attached to the donation and this requires a level of performance before enlitlemenl can be obtained. then the income is deferred until those conditions are fully mel or the fU￿lIment of those ondilion8 Is within the control of the Charity and it is probable that they wi51 be fulfilled. Investment income is earned through holdin9 assets for investment purposes such as shares and property. 11 includes dividends, interest, and rent. Where ￿t is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy, the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income. dimdend and rent income is recognised as the charty's right to receive payment is established. Interest on funds held on deposit is included when receNable and when the amount can be measured reliably by the Charity,. this is nomially upon notification of the interest paid or payable by the bank. Ex￿ndItUr¢ All expendrture 1$ a￿oUnted for on an accruals basis and has been classrfied under headings that aggregate all costs related to the category. Expenditure is recognised where there is 8 legal or construdive obligation to m8kg p8yments to third parties, il is probable that the settlement will be required, and the arnounl of the obligation can be measured reliably. It 15 ¢*egorised under the following headings. Costs of raising funds include investment management ￿$t$ & the direct costs of managing the Chartty's investment properties., Expenditure on charitable activities includes all costs incurred on furthering the objects of the Charity., and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an exp@n$o against the activity for which expanditurg gro¢•. Grants payable to third parties are within charitable objeclNes. Vvhere unconditional grants are offered. this is accrued a8 soon as the recipient is notrfied of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating the performance then the grant is only a¢cruod whon any unfvlfi11od conditiong gro OUt$id0 of th• ¢ontrol of the charty. Support Costs Support costs are those that assist the work of the Charty but do not direct represent charitable activities and include office costs and governance costs. They are incurrèd directly in support of expenditure on the objects of the charty. Where SUPPOrt Costs cannot be directly attributed to particular headings they have been allocated lo activities on the basis of staff involved in activities. (See note 10.1 Tangible Fixed Assets All assets costing more than £500 are capitalised Tangible fixed assets aro st8ted al ¢05119ss accumulated depreciation. Cost includes costs directly attributsble lo making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates caleulated to write off the cost. les3 their estimated residual value. of each asset on a syslemalic basis over it8 useful life as follows. Freeho5d property- 30-70 years 25 Notos to tho Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 Fixtures and fittings- 10-20 years from the dale the assets are first put lo use Office Equiptn¢nt. Software - depieLia1e￿ vvei lil¥ uf tlie Other Office Equipment- 3 years (Freehold land is not dep￿Ciated) Assets under Construction includes costs incurred in developing the New Almshouse. No depreciation is provided on these assets until sueh time as they are brought into use by the charity. Investment propertles Investment properties are measured at fair value al each ￿ porting dale with Ghanges in falr value reco9nised in 'Net gainsll10s5esl on Investments in the Slalemenl of Financial Activi(ies. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value using the ¢losing quoted market pnce. All gains and losses are taken to the Statement of Financial Activit￿S as they arise. The Statement of Financial AGITvilie5 includes the net gains and losses arising on aluations and éisposals throughout the year. As investments are revalued to fair value continuously, no realised gains or losses arise. Debtors and credltors recelvablelpayablo Debtor receivables are recognised al amortised cost less any provision for bad debt. A provision for bad debts is established when there is objective evidence that the debtor can not be collected according lo the original lems. All expenditure is accounted for on an accruals basis. Cieditors are recognised when the Charrty has present legal or constructive obligation resulting from a past event to make a payment lo a third party, il is probable that settlemenl will be required and the amount due to sett￿ the obligation can be measured or estimated reliably. Flnanclal Instruments The chariry onw has financial asseis and financial liaL)ilities of a kind Ihai quallty as baslc financial instrurnenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the èxception of bank loans which are subsequently measured at amortise(J cost uslng effective In(eresi meiho¢J. 1.10 The Charity is an exempt eharity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK cory)oralion tax purposes. Leases Rental payable under operatina leases, where subslanlially all the risks and ￿WardS of o ownership remain with the lessor, are charged lo the slalement of financial activities in a slraight-line basis over the minimum lease term including ary lease incentives received. Rental income from cyeraling leases is recognised on a slraight-line basis over the temi of the relevant lease. 26 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 Employee Benefrts Employee Benefrts The costs of short-temi employee benefits aft recognised as a Ilabilily and an expense. The cost of any unused holiday entillemenl is recognised in the period in which the empbyee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to lerminale the employment of an employee or lo provide teminab'on benefits. Retlrement Benefits The Charity operates a money purchase scheme as described in more detail in note 27. Although contributions are variable as described in the note. the Charrty is unable to identrfy ils share of the underlying assets and liabilities of the scheme and il is therefore accounted for as if it were a defined contributiofi s¢heme. Going Concern The financial slalements havo been prepared on a going concern basis whith assumes the charitable company wll continue in operational existence for the foreseeable futu￿. The Iruslees have considered the level of funds held and the expected level of income and expenditure for a period of at least 12 months from the dale of authorising these financial statements. The charity has taken steps to review the financial budget for 2024125 and Trustees regularly review cashflow forecasts and at present the trustees are satisfied that the charity remains a going concem. Judgements and koy sources of estimation uncertainty The following judgements have been made in the process of applying the above accounting policies that have had the most siqnificant effect on amounts recognised in the financial stalemenls. Depreciation rates for tangible fixed assets Valuation of investrnent properties. The properties are included at valuation. These are considered lo be critical accounting estimates in vw of the amounts involved and the judgements applied in their valuation. Valuation of pension deficf( liabilty The above al80 ropreÈont tha key sourcos of ostimation uncortainty. 2. Related Party Transactions There WEre no rekled party Irartsac￿ons durkng Il* year12022'. NIII Vnr05trlctsd Re5trlcted Endtswmtnt 2023 2022 1£) IE) 3. Ineom¢ from Donations and Legacies Grants Recelvad 2,981.245 2.981.245 194.227 Donation5 2,828 2.628 33.372 Total Incom8from Donatlon8 and Legacle$ l828 2.981,245 2,984,on 227,599 27 Notos to tho Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 UnTestrt¢t•d R•strlGt•d Endowment 2023 2027 io £1 (£1 4. Incorne from Invgstmgnts Rents and Olher recdvaEAe from Investment propertie5 Income receivable from Listed Inves1m￿ts 1,864,263 1,684,263 1,454,732 465.043 465.043 415.630 Interest receIva￿e 20.919 20.919 Totsl Income from Invèsbnents 2,150,225 2.150.22S 1.870.550 Unrostslcted RgStrl¢t¢d Endownènt 2023 2022 (£1 1£ IÈ) S. Income from Charltable Actlvities hou5e5- resKlents mainlenaTKe contributions and miscellaneous income 650,668 650.￿8 647.808 Totsl I￿1)me from ¢harltdhle Actlvlll 650.668 650.668 647.8Q8 Unrestrlct•d R¢stri¢tr Endown8nt 2023 2022 i£} 1£> 6. Other Income Biq Local South BermoThY5ey Partnership Admlnislrallon fee Research Income 2.385 2,385 1,959 5,705 5.705 MIS￿lIane0u$ inton 8,469 18.6S9 8,469 1$,659 250 T•tol *Xb¢r In¢•mo 2.209 Unmgtrletad Rastrlctad Èndowmant 2023 2022 i£} 1£) 7. Exp*nditur¥ on R•i$in9 Funds - Inv¢slment Costs Investment Management Fees Dlr¢ct Go•ts of mana9Sng Inv¢slmcnl propeths 29.047 228,659 32.802 61.649 ¥28.86ts 86,989 206,721 R*sirvJ Funds &ry1oy￿nt costs Support and governance costs Total Expènditure on Raising Funds- Imia8knent Costs 40.878 16.343 314,927 40,878 16,343 $47,729 29.761 13.127 405.$99 J2.802 Included in direct Costs of managng irbvestrnent properties 1$ i)le￿I on financLql lia￿lItieS as follov 2023 (£1 2022 (£1 Interest on financial liab'lilies measured at amortised utsl.. Interest on bank loan$ 160,149 165,071 28 Notes to the Accounts (continugd) United St Saviour's Charity For the year ended 31 March 2023 Unr08trlctsd Restrlctsd Endowment 2023 2022 1£) IE) 1£) Expenditure on Charitable Activities Grant Glvlng Grants Payable Inote 1 fl rect grtni empbwrErt C0$15 Support cost8 Total Grant Glving Dlr¢et ChaTltableAetl¥ltloS Direcl Charilabie Go5ts Chgrilabk Aclivity errpbyrnertc￿lS Jpport Costs Total Dlrect Charltablo Actlvltles 993,401 121.490 317,000 58,943 1.310,401 180,433 414,400 119.6fj6 105,598 1,220,489 105,598 1,59&432 88,919 602,985 376,943 425.325 251.770 48.671 1C13,660 577,fj56 251.770 550.292 191.319 181,025 858.120 2,078,609 181.025 1,010,451 2,606,883 147.684 889.295 1,491280 48,671 424,114 103,660 103.660 Unrestricted Restricted Endovlment 2023 2022 1£) 9. Reconciliation of Grants Payable Grants paYa￿e at 1 Aprfl 439,413 ,374 448.787 448,787 Grants awarded during IIE year InDte 111 Grants paid durin9 thè year Grants payabl¢ at 31 Mor¢ 993.401 (786.9851 645.849 317.000 {326,3741 1,310.401 414.4()J 1691.9861 171701 645.849 UnroStrl¢ted Restrlcted End¢)wrn¢nt 2023 2022 10. Support Costs Supwrt ¢osis l•x¢ludln9 govgménce c05ts1 Office rental co&ts Carnputer Expenses Olher Office Expenses Communication. bMdir¥J, amual report5 Bank charg•$ Irrecoverab￿ VAT staff ¢o$ts $18ff Ronofily Training and recruitment Dewecialion Total Support eoth {•xeludlng goV•rh*ne• eo8t8) 2,￿1 32.941 19,970 11.597 1.720 (99) 51.028 22,aQ8 36,170 12,072 1.338 16 93.369 2.674 10,818 11.590 201,043 32.006 36,170 12.072 1.338 16 93,389 10.818 11,590 2D1.043 28,868 147.804 Governanc8 Costs Staff costs Auditor5 remuneration- Audft cc6ts Accountsnry fees Professlonal Fees Board nEeting and governance expenses Totsl Governanc8 Co¥ts 35.305 22.825 10.808 31,754 1.231 101,923 302,968 35,305 22.825 10.808 31.754 1.231 101,923 302,966 32,165 16.564 9.320 23,611 81.846 229,730 29 Notes to tha Accounts (continuod) United St Saviour's Charity For the year ended 31 March 2023 11. Grants Pa able U￿ted Sl Saviouf5 Chafiiy award5 grants lo charflM?s, cornmurfty group5 and non-Nofil oryanisalions that 5uppori people and communities In our area of benefit. Y￿re are 2 open octess grants pr(grammes- large grants, of over f5.000 and smal grants of under£5,(KIO. We alsorun a strale9icgrants prcgramfflewhere staff play a more proaciive rolein respLThling toneeds 8TrJ OPFffluntt*s in ow locality Thi5 rriay invO￿e developlng Partr￿r$hips or Commissi￿[￿g re5eorth. There are 3 GurMI priortbe5 guidiny granls and vider communty inve51rneni proyr8mm&. The'Positive AgeiTYJ' I1￿me seeks to reduce i501alion and incTease wellbelng amoryst older residenls.'Strong. Resilient Communllles. aims lo build and 5tren9then sotial connections. and'Levelling the Plawng Fiekj, targets support to population groups disprop￿lon81￿Y eXpe￿encIng soclal and e¢onomi¢ dkladvantsge. Financial and in41r￿ sw)port Is l$0 provlded lo key lo¢￿ Part￿rS Ihrouth a'Funder Piu5' programme ¥Yhlth Involve5 capacity bultling. training. and conr*ciing. In addiiion to our own funding pro9ramrnes. in 2022 we helped lo oryaThse. and contribulett lo, ? cdlyborative fvThJing PTogr8mme INartn Spaces. in re&portse to the Increasing c051 of Iivng and fuel pri¢e$. Grants Analysis Unrostrlcted R05tr1cted End01￿￿ent 2023 2022 i£} 1£) (£1 Stralegk Grants 184.602 184.e02 13,7501 317.208 Large Grants fj91,421 250,oriJ 941,421 OtherGronts 67,5(KJ 67.5(M) 46,0 USTC Conlrlbullon to Warm Spaces SW 15001 USTSC Conlrfbulion- Connected at Christmas to.000 Gr8nls Covered by St Saviours ContribulKin to ConrEGted at Christmas Small Giants lupto £5.0001 lknnts to inth'wdua15 lalwffjhousE ￿sIdents) 116.878 116.878 49.280 5,629 Total Grants Awarded 993,401 317,000 1,310,401 41&400 12. Trust••g' And K•y M2nag•m•nt P•rsonnel Remun•rntlon and Expons8s The total amount of employee benefit5 received by key management Fersonnel was £324.19712022.. £269,104). Pension eonlribulion5 of£16.402 V￿re pwd on behawof W manag8rr*nt pewnnel12022". £13,676) The chatity considets ils key m8nagenEnt pef8orThl to crywrisethe t￿¢80$. CEO, Head of Communty Inyestrnents, Head of Houslng and Head of Research and InfluenTr. NO Tru¥iee8 12022.. Nlll are 8oJiJing pen510n arTarueTnern5. The TtU51ee5 neither recewed norwaW any remuneration during Ihe year.12022.' NID No travel expertses ￿re patd to Trustees thi8 yoar12022." NID. £180was spent on leavin9 glts for Twstee$12022'. £Nill. 30 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 2023 2022 13. Net IncomellExpenditurg} for the ygar - is stated after charying Depreaation of tangl￿e fixed a58els Inole 151 126.626 143.789 A￿J110¢S remurÈration- audit of financial inft*maii 22.825 16.920 Audilo¢s remu￿ration- cth8r servicas 2.637 Operating lease charges 6.146 2023 2022 14. Staff Costs Wages and salarfes 515.036 384.863 Social Security c0515 53.656 38,095 Other pension Costs Inole 261 33.063 18.8091 Totjl Ststl ¢0sts 6Ql.755 414150 Tt* average rKJMberofam￿o￿9 during thè yearwa$ 11.712022.. 11.11 TIE number ofemployees who recelved employee banefts iexduding ern￿oYer Pen￿On c05ts1 for rmre than £60.iK)O 1$ a$ fdlWS.' 2023 2022 In the band £eA).OtAI-£70,OtKJ In the band £100,WO- £110.000 IS. Tangible Fixed Ass•ts A558ts und8r Con$truGtiort 1£) Propertl8$1£1 FIxtu￿ dnd Fittings l£} Offi¢e Equlpm8nt i£} Total (£1 Cost At 1 April 2022 1,128.534 96,648 1.225.182 10.652,038 1.800 10,653.838 87,815 171,784 259.579 68.552 5.898 74,450 11.936.939 276.110 12,213,049 Addition At 31 March 2023 Doproclatlon At l April 202 Charge for the year At 31 Plarch 2023 N•t BookVgIu• 2.08dl.077 113.357 2,197,434 73.013 1,679 75.592 40,230 11,5 60.820 2.207.220 126,626 2.333.B46 At 31 March 2023 1.225,182 8,456.404 183,987 13,630 $879,203 At 1 Aprfl 2022 1,128.534 8.567.961 13.902 19.322 .729.719 Freehok1 propetties above incl￿5 freEhold at 8 ¢￿t ￿£3,470,0(Al la11 relalng to St S8Trhours C￿rt). There is no reC￿d oflhè orbinal CA)St ofts Hopton's AJmsMus8 a￿1 Iherefore no v81u8 h85 teen asSiq￿d lo its origlnal o$t nor its relaled freehold land. ThB C05t of the property retate51o refurbi5htnentwork sin￿ 1983. The r#)aniy h￿￿$ furtherpa1￿b of inactive land Y4hich ale noi valwl and tsref(*e nix ind[xl￿ kn Ihefthartlal slatemenls. 31 Note8 to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 Cost of Freehold Propertles St Savlouffs Court. Purfey 9.122.128 Hoplon's Aknshouses, Southwark 851.160 Fu￿11￿81 Properly for use bytharrty-2 ffi￿r. 18 CruufLK Lane ,550 10,653,838 Unrostrlcted Restrlcted End¢)wTrent 2023 2022 16. Fixed Asset Investment$ Usled investments fjncludlNJ bar babnGe of a capitsl nalurel Inole 17) 7,941,920 8.￿8.314 16,910,234 17.896,782 Ink*stmènt Property Inoie 181 6,400,181 23.504,760 29.904,941 29.073,614 Totsl Flxed Ass¢1 Inv¢stm¢nts 14342.101 32N73,074 46,815.175 46.970,396 Subsidiarfos Hopton% ¢harfty The Charity I￿1￿$ the ¢orporaletru$teeship of Hooon's Charty. reglstered charity Nmber 1103731.2 which holds the Hoplon's permanent endownenl is linked lo the Thain charity. The Hoplon's endovmienl Is shown 8eparalely In Note 24a. Unlt8d St Savloufs Endowment Charfty UnNed Sl Sawou¢$ Ch8rily is Ift CNporale Trustee of Urmled Sl Saviouvs Endomnent Charity, registered Ch￿ number 1103731- 1, vthich holds the Chanty's pemianenl endowment. and is linked lo Ihe moin Chatity. Unrostrlctsd Rosttlctsd Endowment 2023 2022 (£1 1£) 1£) 17. Llsted Investments 8.145,581 5.806.075 15.858.5301 1433.8B31 7.669,243 282.877 9.228.440 17.374.021 16,758,716 6.556,457 12,382.532 1,831.245 16.615,6921 112.474,2221 12.235.699) 1489.959) 1923.8421 1,019,759 8.679.246 16,338,489 17,374,021 28￿,l￿8 571.745 522.761 Addition8 Disp05a Revaluations Total Llstsd Inv8Stm8nts Listed investments cawlal aCcO￿t (note 201 At 31 March 7,941.920 4964314 16.910,234 17,8%,782 Unr8strlct8d 1£ R8strlct8d (£1 End¢)wment 2023 2022 1£) 18. Investment Pro At 1 Additlons 6,500.031 17.581 22,573.583 29.073.614 17.581 28.371,540 209.303 Di$posal$ Revaluations 173,8751 143.5561 6,400,181 173,8751 887,621 29,9D4,941 531.177 23,504,760 492,771 29,07&614 At 31 March 32 Notos to tho Accounts (continuod) United St Saviour's Charity For the year ended 31 March 2023 Unrnstrlet¢d Regtrlcted Endowment 1£ 2023 2022 £) 19. Dobtors Trade Debtors Otr*r debtors Taxation and security 0th8r prepayments and accwed 442.492 442.492 179.TTS 638 Z22,946 250.O)O 472,946 213,368 Total Debto 66S.438 250.￿0 915.438 391784 There are no amryjnls due after mLYe th￿ one year. Unr8strl¢ted Rostrlctsd Endowrnent 1£) 2023 2022 20. Analysls of Cash and Cash Equivalents Cash at bank in harKI Bank balance of a tapital nature Inole 17) Totsi C8$h and Cash Equivalents 1.801.216 282,677 2 OB3 893 2.548.804 197.592 289.068 486 660 4.$47.412 571.745 S119157 1.853.171 522.761 2 375 932 2 548 604 UnrèstriGt¢d Rostricted Endowrn8nt 2023 2022 1£) 21. Credltors - Amounts Falling Due Within On• Year Trade Credito 138,705 107,039 218,283 324,428 462 139.167 106,936 218.283 52.520 83.081 220.400 Taxallon and soclal seujrlty Other Credilu5 1431 Accruals and deferred ir¢ Penslon DefiGM uabl1￿y- Du¢ In1¢56 than oDe y¢fir (notv 324,428 348.442 281 Grants Payab anK Lva 3.648 3.648 3.648 561,877 561.877 171.201 100.645 100.045 155.963 Total Credltots-Am•tsnts Fallln9 Du• Wlthln On• Yoar 1.614,625 419 1,514044 1,035,275 Unr85trtcted R05tr1ctfd 1£) End0v￿g￿t 2023 2022 io 22. Credltors - Amount falling due after one year Pertsion Defiul Liability- Due in more than or 2.736 2,7W Gran15 payab Loan 83.972 83,972 4,742,641 4.742,641 4,W3.286 Toial Crèdltots-Afflountfallln9 due after ono y8ar 4.829,349 4829,349 ￿￿9.682 33 Note8 to the Accounts {continued> United St Saviour's Charity For the yÉar Énded 31 March 2023 Amounts Inrludvd abpvo whlch fall dug aftqr yèars arè os follow5 2023 2022 PaYa￿e by Inslalments 4,044,595 4,227,322 Lo4 2023 2022 1£) 155.983 4,903.286 Bank L08n Payable wlhln Oft8 year PayaNe afierone year Total 160.645 4.742.641 4,903.286 4059.269 The bank ban Is serJJred by a legal charge 0¥￿ Ihe InVes￿rA propBrties in fwur of Uoyds Bat* ￿c. Interest ￿ fixed al 3.089% Fer annum and repayment 15 1)ver 25yeat5 and final payment is due in Septembef 2044. 2023 2022 1£) 23. Deferred Income At 1" April 141.609 141.609 Resources deferred d￿ng Ihe year 162,015 141,809 Resources rdeased from Ihe pr￿li0us year At 31" March 1141,6091 1141,6091 161015 141.609 Income ha5 been deferred for rent r￿1Ved f￿the u￿rnI￿J year. Transfers Inlou¢ Galn losses 24a. Fund Recon¢iliation Deslgnatod Funds mshouse Devdopmenl Malnienance Re5eNe Fund.. Sl Saviours Court Maintenance Re5eNe Fund.. Hoolon's AlmshoLJse Al l Aprll 2022 At31 March 2023 ndltrjro 5.fXJO,000 288.265 1372711 70,OC 320.988 138.075 18e.3181 13.9521 75.000 30.000 86.000 124,757 101,575 1,621.708 7 lag Q28 Major Repalrs Fund.. Park Street Sinking Fund Tgt41 75,527 1.535,708 T 037 •T¥ General Funds nerai Fund Totsl Unr85trlct8d lund¥ 2 2S3.989 2 393 536 0 3T9 TOT 12 S99 430 811912 469 071 12 548 ns USSC Endowm•)t 37,463.139 2 698 020 40161 159 11C6.9701 504,800 37,660,￿9 163,5821 2.604.946 40 465 915 Hoplon'5 EndowThenl Total EndowTheni Fund$ R05trlctqd Fund5 Am5house Development One Southwark Fund ty Bridge Tw81 FUTh Cty Brfdge Trust Partrershlp Conr*Gted at C￿StmaS &Warm Hub5 Total Restficted Funds 102.e64 123.753 13.270 2.300.14S 48,720 65.380 500,(A)O 2,402,809 125,575 17.934 250,000 146,8981 160.7161 1250.000) 1,867 1.867 2 798 185 2 981 245 Total of Fund5 53 002 143 5793157 2 954 612 55 812 835 34 Notos to thg Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 Charity's inve51menls are CLvnprised of a number of designated. end0￿￿￿nI and general knds. The assooated inve8trnent gains and Investment management costs have tken apporfioneil between the furKJ$ in proportion to the value of the investrnenl$ held In ea¢h fvnd at the start ofthe year. The inve$trnent gal￿(￿$5) ari$ing on fvn(ts in the year k* show aix)ve. Dèslgnatod Funds The Arnshouse Developrnenl Fund was created to meet ts contFibuiion the charity ￿11 be requlred lo make towdfds developlng tho r almshouse In Bermondsey. The Tru$fre$ have #g￿ed lo use £2m of Ihis fund Iimids Ihe alm$house, and leave £3m for fuiwe developrnenl opprytunli ie5. The Maintenance Re8ervÈ Funds for both Sl Saviouts Court and Hoplon's v￿re fortned by mergirKJ the Cyclic81 Repairs Fth)d and the Extraordinary Repairs Fund for each propety. The Cyclical Repairs Funds were e51abkn5hed lo pay for ¢Y￿1Cal repairs al the almshouses 8ri8in9 from the quinquennial rev*w (including painting of Ihe exterior common partsl. The Extraordlnary repair8 funds IN ￿paIrS other than day-lTrday and cyclical rEpaits. Tran¥fet5 are tTrade into thE fun(ts dGGDrding lo guKlarKe pro￿￿ed by Ihe Altnshouse AssucialN)n. Th8 Major Repairs Fund was e8lablL%hèd to wovtde fundkng for a future projramme ofwks for P*1L Street properlel. Sinking Fund ha5 been e51abl&sh8d to prowde forthe bJil¢Jing of Sl Saviour* Court al the eryj ori15 useful Iwe. An amual transfer Is made each year 50 Ihal arouThJ £e,OCKI,000 Y￿11 have been Iranslerred by IfÈ end of the expected 70 year useful Ilfe lo prowde for rebulldlng. The lund ￿ inve51ed, il 15 Iherefcre anticipated thal inftalionary increa5e5 in building costs %*ill be offsel by capl& appwalion. EndowrTr8Xt Funds The ChafiV5 perrnanentendowmenls cTrnpTrse all Ihe freehold prop8riies and ￿1 but three of the investment properties. t￿ether￿*￿th a b*an¢e of non-property inveslmenls. The percentage of inveslmenis thai we ￿presented by endobvment runds at the start oflhe year s¥as 53.0%12022". 53.0%). This percentage is applled to investment gains arKJ losses and Inve51menl fflana9ement cosis to appoitim Ihese lolhe Endo¥*Tnenl Funds. Thecosts tharged lotheendowmèntlnclude Investmentmanagemenlfees, depredaUonofproperbeswSthln Iheendowment. Genernl Fund5 The Charity's general fund5 are wteslricled funds ￿lCh arE avarfable for the use at the disGrelion of the TrusleÈs in furtherance of general objeGbves oflhe Charity and whtch have nDt been de5ignaledfor otherpurp05es. The per(*nlagÈ f inve5trrEnts thal are represent￿ by ge￿ra1 funds al the start of the yearwa$ 47.0%12022..- 47.0%). Rastrlctsd Funds Alm8housè Dovolopxnent Fund The Amshou5e Developmrt Re51rfcled Furd represents grants racaivad frcrfn the d8¥elopmenl p8rlrÉr Iwards IhB d¢v¢lopnent ofltr¢ new olmsh¢uS¢ as d¢lail¢d th¢ TN&l¢¢s r¢porf. £2.402.009 k¢n •¢cumulaled In Ih¢fvnd lodal¢ Jhith wll be released 85 furLd$ are expen(Jed on the fit out costs of the development. In 2022. the charity re¢ei¥ed £2.&n donallon from the Mary Fdidlng Gulld towards ts Applety Blu& new almEfKJuse. Onè SDuinwarK Funa This fund has been sel upto IrdnsfO￿n I￿eS opportunrtles for young people In the borough through collective action. Part of a ￿Nder'gIvIng. movement. and with a core grant provided by Ihe City 8rKJge Trust (see below). the programme Wll mobilise busine$$e$, funders. community group5 and local re$idenis to givelheirtime. money. netwotks and influen¢e lo level Ihe playing fiekj for disadvantaged young people. The scheme went live in 2021. £65.000 was contributed to Ihe fund by Sl Saviourfs Charity in the pritryear and the Tru51ee$ preference 1$ that it 1$ $lN)vm in the reslD¢ted fund rall*r Ihan as an additional d8Stgnaied fund. Clty BrldgeTrust Fund This bjnd exis15 to hold the core grant for the or￿ Soulhwafk programme and ￿711 cover, primarly, staff costs related to thB piogramme director. ¢ty Bridg•Tru&t Partnor5hip Fund The Clty Bndge Parinership fund Is agranl of£5Ql,(W OVerknyea￿ fmm the Cty Bridge Trust. This 1$ al1r￿ated by United Sl Saviourfs in line Y￿th its existi￿ grant5 programmes and prioritie5 and is in respottse tv the in¢reasing local need and ¢JemarKI. 50% of Ihl$ was deployed in 2022 and t￿ oiher half wlll be spenl in 2Q23. ¢onnoCtgd at Chr15tmas This fund exisled lo run a t2mpaEqn and grants programmetoenstsiethal as many01der￿d ¥ulneraNe Soulhwarfc resld8rt8 a$ p(L*SitJe Iwho wwe likety to be speThJin9 Chri5tma$ on thelrownl lett Cared for and ¢onne¢ted overtr* festive Season. 35 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 Transfers nlotst Gain¥1 losses At31 March 2022 24b. Fund Reconciliation Designated Funds mshouse Developmenl Maintenance Reserve Fund.. St sav10￿5 Court Mainlenarte Reserve Fund." Hopiorfs Tn5house At 1 Aprll 2021 Income Ex 8ndlture 5,000,fxiD s.ow.o 268.707 148,4421 70.0 288265 140,237 167.1621 16.0241 65,000 30,000 86.000 261 000 138 075 Major Repairs Fund.. Park Street Sinking FurKI Tol41 De5igm•tsd Fund8 Gon¢ral Funds General Fund 51.551 75.527 1.449.708 90B 203 1,535.708 7 037 575 121 628 4.748.273 2.522.887 1 581.399 315.650 167.744 5.561.855 Total Unro8trlcted funds 11 056 476 2 S22 887 1 683 027 12599430 Endowment Funds USSC ETh￿￿ent 36,300,101 I1￿,331) 1,272.369 37.463.139 72,414 2,558.02D 40161 159 Hoplon'5 Endffimn￿l Tothi Endovmient F￿ndS 2.855,463 3B 955 564 139188 Re8trld8d Funds Almsho￿e DÈvelopmtnt Soulhwark Corrmunity Response F￿d Fee(1 the Fronlline One Southwark Fund. City Brrdge FurKJ Connected at ChristmB5 5.500 97.164 102,864 250 21.539 12501 65.0 41.080 49.035 38.000 (3,8661 135,7651 136.1111 123,753 13.270 1.867 Total Reslrfcied Funds 225 279 650 Total of Funds $0 639 329 2748166 1 887 879 527 53 002 143 Unr8strlct8d R8strlct¢d EndowThont 2023 2022 1£) 1£) 1£ 25a. Analysis of Net Assets between Funds T8rvJible Assets Investmen15 Cagh Debtors Creditors due ynlhTn one year Cr¢dil0￿ due in more than ona year Totd Anaty818 of NotAs80ts botsveen Funds 2,083.954 14.342,101 1.801.216 665,438 11,514.6251 {4,92P.34O1 12,$48,735 7.795,249 32.473.074 197.592 9,879.203 9.729,719 46.815,175 46,970,396 4.$47.412 1.853.171 915.43B 393,784 11,515,044) 11,035,275) 14.VQO.3491 14.009.6S21 55.812,835 53.002,143 2.548.e04 250.000 2.798.185 40,465,915 36 Notes to tho Accounts (continuod) United St Saviour's Charity For the year ended 31 March 2023 Unrestrict￿ Restrlrted Endovmiént 2022 2021 1£) 25b. Analysis of Net Assets betw&en Funds (Prior Year) Tangible A55ets Investments Qash Deblo Creditvrs due hwthin oneyear Creditors due in more Ihan one year 1.830.809 14,905,284 1.412,942 393.781 11.033.734> 14.9)9,6521 7.898,910 32.065,112 197,137 9.729.719 46.970.3g6 1,853,171 393,784 11.035,2751 14.909,6521 9.790.595 4S,314.646 1,171,2 732.415 11,161.2421 15,208.3811 243,frd2 11.5411 T￿1 Anatysls of N•¢ A$$•ts b&￿•*n Fund5 12,S99.430 241.5S4 40.161.1S9 53.OOI143 50,639.329 26a. Analysis of changes In net debt At I" Aprll 2022 ¢ashflow5 At 31 Ma￿h 2023 Cash and Cash equlvalenls Borrowlno5 84nk loans Net Dèbt 2.375,931 2,743,224 5,119.155 5,064,035) 2,688,104 16Q,749 2.903,973 (4.903,286) 215,869 26b. Analysis of changes in net d&bt (Prior Yearl At 1" Apwil 2021 Cashflo At 31 March 2022 1£) 1.020.247 Cash and Cash equivaferts Borrowlngs Bank loans Net ljebt 1,355.684 2.375,931 15210.3301 13.8$4.6461 146.295 1.166.542 5,W.035 12.EB8.1041 27. Pension Commitments SCHEME: TPT Retirement 8olutions- The Growth Plan The comp4ny Pafli¢ipaies in the scherne, a mullietDployer $¢heme which provides benefft$ losome 63B non-858tt18ted parbclpatmg employer5. The 5G￿e￿ a defined benefit 5cheTne in the UK. It is nol possible forthe cotnparry lo obtaln suffident infomation lo enatrAe it lo account for ￿ sche￿￿ as a defined berEfit 5cherrE. TkErefore il aCcO￿ts Yor the Scheme as a ijefined Contributlon stheme. The scherne 15 5Lkniectto the fundiry ￿giSlatIon oul1irEd in the PenstOn5 Act 2004 which came inioforc* on 30 De¢ember 2Crf)5. This. tog¢therwlh documenlg isgu•d by lh• Pgniions Fl4gulgtor •nd T&chnie•l ￿¢tU￿rial Standgrdg igsuÈd by thÈ Finamial RèpLYting Coundl, set out the framework forfunding defined benefil o¢¢upational pension schemes li the UK The schem8 is classffied as a'lasl-man $tarKJing arrangement,. Therefore th8 compary Ès polenlialty liable for other part￿pating Participaung employers legaly required to meei thÈir $hare oflhe scheme defiul on an annuty purchase basis on witlvjrawal frcrfn the scheme. Afull *uarial valuation for the stheme vrds carried out at 30 September 2020. This valuatM)n shov*d as$el$ of £800.3m, liobllll￿s or £831.9m aNJ a defi¢it of £31.6m. To elwninate ltr￿S fundino 5hortfll, the Tw$tee has asked partidpaung employers lo pay additional conlrfbulion$ lothe $Ghen* a$ follows- 37 Notes to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 D8ficlt contrlbLttfjon8 From 1 Aprfl 2022 to 31 January 2025: £3,312,000 perannum Ipty#bl¢ monthly) Unle$$ a concession has been agreed ￿th l￿Trusteelhe temi to 31 Jar¥Jary 2025 W￿leS. Note thal the 5theme's prev10￿ valuatkjn was carrfed Out￿th an effednie dale of 30 Seplemter 2017 Thi$ valuation Sho￿£d assets of £794.9m, liabilii¢es of £926.4m aThd a defiul of £131.Sm. To d1minate tli5 funding $horifall, the Tnjstee a8ked the partKipaiirvJ Émployer5 to pay additional torrtributicns to ffte Scr*￿ a5 follovo.. 08flctt contrfbutlons From 1 April 2Q19 1¢* 30 September 2025: £11.243.01Tr) porannum Ipayabh m¢nthly and Increa8lng by 3% 8ach on 1st Aprfll The recDvery plan conlribthions 8te allocated lo each parbcipatnu emKAoyer In Ilnewilh 1hwre5tirna￿ Sha￿ of the Serfes 1 and Serfes 2 srheme kabilities. Vthera Ihe scheme is In deficit aTvJ where the¢tx*pany has agre8d to a deficit furlling atrangement Ihe company recryni5es a liatxlity for this obligation. The amount reCOgn￿ed is Ihe net present value of Ihe deficat reduction GOntrib￿lOrts payable undw IhE agfeernent thai ￿l￿e$ to ts deficil. The presert value is calculaled using the dis¢ount rate delalled in these dksc105ures. Thè unwnd1ng of the dlscount rale i¥ re¢ogni%ed 89 a finan￿ e05t. PRESEPITVALUES OF PROVISION 31 March 2023 l£sl 31 March 2022 l£sl 31 March 2021 l£sl Pr08ent value of provlslon 6.384 10,014 56,156 RECONCILIATION OF OPENINO AND CLOSING PROVISIONS PeFlod Endlng 31 March 2023 1£51 Peflod Ending 31 Mar¢h 2022 l£•) Provtslon at Start of porlod 10,014 56,156 ￿ll￿ndIng of tho dls¢ountfactorllnt8rest expgn$o1 189 324 Dolklt controbutlon pald 13,6481 Rtsm•a8urements- Impactof any change in a¥sumpUon8 12301 Remea5urements- amgndmortts to the contrlbutton 8chodulg (32.0251 Provlslon atend ot per6od 6,384 10,014 38 Notas to the Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 INCOME AND EXPENDITURE IMPACT penoo Enoing 31 March 2023 l£sl perloll Ending 31 March 2022 (£51 Int•r•$t •XPPnSg 169 324 R8me4sur8ments- Impact of any chango In as8umptlon8 12301 Rème88ur8monts- amèndmonts to thè ¢ontrlbutlon $chadula 132,0251 Costs retognistd in incornp and &xpendlturB accoun¢ 18 131.9311 ASSUMPTIONS 31 Ma￿h 2023 31 March 2022 rannum 31 March 2021 or annum er aflnum Ratg of d15count 2.35 The di$¢ounl rates $hosw above are the 4u1Va￿￿t Slng1e discountrate5 whi¢h. %then vsed to discothtlhe future recoveryplan conldbu￿ons due, ￿￿Id glvelhe same ￿SuIts as uslng a full AAcorporaie bord Weld curve to dlscountlhe same recoveryFlan conlributions. 28. Funds held as an intem)ediary agent Unlled Sl S8vlou¢s Charfly 1$ the10¢011y tr￿ted svpp¢yl organisallon forthe B￿3 Ltt81 South Bermonds8y. a len-year Investrnenl programme fInan￿j by a charty Call￿ Local Trusl vAlh Lottery funding. The prcgramrrE commenced ￿ 2012 and was supposed10 ernl in 2022. but il may tonlinue inlD 2023. The Charity holds funds on behalf of the South BermorKSsey partnershlp ISBP), which ¢Jd1vet5 the fund programme and disburses gian15 on its behalf lo agreed projec15 and actiwlies followiry receipt of financial s13irns. The Charity receives fijnding from Lotal Trust 10 di$butse on SBP'S behalf. The financial statements donot Incknde Ih* fundlThJ. The Summary of f￿d movements In Ihe year Is as fdlows.. 2023 2022 At 1 AFfflI 54.375 34.247 Income 38.622 50.823 ExpeThJiture 144.8841 130.6951 At 31 March 48.133 54,375 The Charity also received a management fee from Local Tnjst fcf grant administration and running costs of £2.385 exclJding VAT for Ihe year12022.. £1,959 excludlng VAD. This income ha$ bÈen in¢luded in thè S18tement of Financial Activities. Mayfiower400 Fund A parfwr5hip beWn Unlled Sl Savloufs, Swlmwark Councll and 8rltlsh Land, the Mayknpi 40D FUT* Is sUPPOrtlllg coTTNnunty48d evenis. activilEs. and prokcts 10 mark and cdebiale the 400 annwersary of the Marfower Sailing from Rolherhilhe. Contributions from all 3 partner5 ¢￿ated a fundiry pot of£140.000 and the programme started ui 2018-19. ￿th United St Saviourfs Ch8ftty taknrvJ responsibility for grant administration. Th¢ finonclal al0lcw￿rts do not Ineludc thi8 lundln9. Th¢ aumtnary offvnd mov¢mcnia Sn thc y¢or k3 ots fdlowJ.' 2023 2022 IÉ) At 1 Apn"I Income Expendllure At 31 March 1,775 11.5001 275 1,7T5 1,7Y6 MaYfi0￿r Fund grants of£1.500were made in 2022-231£2.11Y) were made In 2021-20221. 39 Notos to tho Accounts (continued) United St Saviour's Charity For the year ended 31 March 2023 2023 i£} 11,5001 2022 St savi0￿$ and Sl Olave* Sth¢d Maynmei 162012020.. A cekbralion of mwJraI￿n. t0￿rant% and communty Soulhwark Coundl grants Returned and de￿r￿mitted grants (2.1001 3.875 1.775 11,5001 29. Contin ent Liabili -Ho ton's Char The Iota Soual Housing grant lo help finance the refuTbi5trrnent C05t5 of the Amshouse amwnted 10£455.077. The Swlal Housing Granl is repayable under ￿rtain ryrGum51ances." wmadly fellowng the sale of a property bul w￿11 nomially b8 restrlcted to the el proGeeds of the sale. 30. Operatlng lease commitments- Lesso0 At 31 March 2023 or 31 March 2022. the charity had no outslarnling commilments fcf future mininjm lease payrr*nls ￿dernon- cancellable leases.: Lètssor At 31 March 2023, the charlty had contracted %*ilh lenaits for 11 Ihe fell(yMAg mlnkrnm 18ase payThn15. f¥1 due as lollNB.' 2023 2022 Wlh'n year Between Iwo and fve years In overfive year5 1,605,305 4.370,441 4,989,999 10 965,745 1,049.127 2,129.226 1.272.834 4.451.187 32. Capital Commitment The charty 15 buildng a new almshou$e al 94-116 SLNthwark Park Road. Bermondsey. The ¢051 of the development 1$ being largety el by ￿¥￿1[￿¥[ JTFIE, wil vl It￿11 uwii 5100 yldiiiiiiiy vbl19a￿QIi5 for Ilidr ￿l¥al¢ a￿¢[Op[￿ent in Bankside. Thè ch¥ty slgned a developrnenl #g￿ement whith commits 8 £5m contribLlion toward5 the overall tosl. This commrfment was crystali5ed when Ihe property was h8n¢ed overlo the charity in jur￿ 2023. 40 Appendix 1". List of Grants Awarded in the year ended 31 March 2023 (Does not form part of the Financial Statements) Unmstrletèd R•strlct8d Endowment 2023 2022 Strategic Grants Wafworth Gokjen Oldiès- Grant tthv#rd$ Wafvjorth Gdden Oldies Communily Care Project Southwark CilEens Athr* BU￿aUX SeNKe- Prwgon ofOU￿0¢￿ based IAG in foodbanks Southwark Refugee ComtnunrtR5 Forum- Unre5trKted core grant to support SCRF acilvKles in Soutrmérk East Duknch Estate TRA- Food Grant for IoDd and basic piovi5ions cop￿st0n Centre- Food Grant forfood aThl baslcs provi%bns 5.000 5,tA)D 99,602 99.602 40,000 40,(KJO s,000 5.LY)O 5,000 5,C•JO Love North Soulhwdtk. Fotsd Grant ￿fODd and basic5 prov151ons 5.000 S,(KJO Pecan- Food Grantfor f(*)d atyl baslcs provl$lons 5,000 5,(AlO Spring Communty Hub- Fothj Grant forfcM)d and b8SiC5 provLslons 7.(KlO 7.lY)O Agape al Sl Matthe%Ys Church- Food Gr8nl forfood and baslcs prwsion5 Th8 Borough Food Cooperative- Fotxj Grantfor1￿￿ and ba$i(ts pro￿810n& Th8 Young Wc Corrpany- 8196 HuffAns 6.LKIO 6.(￿0 7.000 7.lJ)O (3,7501 Total Strategic Grants I￿$02 184.602 13.7S01 41 United St Saviour's Charity For the year ended 31 March 2023 Unrestrlcted R88trlctsd EndO￿Ont 2023 2022 1£> 1£) 1£> Large Grants Blackfrlar5 Settlement- Unrestricted funding low8rds tl%goals and intern1￿ othtomes as rel￿an1 lo Soulhwark Power2. GTanltowards a prourammp ofsupwt foryoung Peop￿ in Soulhwark Future Men- Grdnttoward5 the Boys Development Pro9ramme for Soulhwark Indoamerican Refugee and Mlgranl Orgarisats"on- Grantlowards advlce. casework and emergency SLPPOrt %%ilh educallon. training employment support for Soulhwatk CAMBRIDGE HOUSE- Funding the RISE Youth SetviGe for SouthwaFk yourvj peopl?. Soulhwart CilYLens Adwce Bureaux SeN1￿- E¥lended lundiTrJ loward5 Ihe Soulhwark Un￿saI Credlt Support project Soulhwark Day Centre forAsylur Seekers- Unreslrfcted fundirwj lowaids the goals and iniended oulcorll￿ as relevant lo Sothhwark Sil¥erfil Ll(J- Grant toward5 conts"nvalion and eXPanS￿n of its exerdse and fitness sesslons for Soulhwark's older pèople Flghl For ChaNJe Foundallon- Grant towards Box 8uddy for Soulhwark resldents around the Brandon Estate Pembroke House- Unreslrfcted gant towards Ihe organlsalion's goals and OLrtcomes lor the benefit tsf So￿hwa￿k resid6nt$ Cepleston Centre- Unreslricled grant towards tha 0ry8rt8alion's goa15 and oulcL¥fe5 for the benefit of Soultrwatk residents Time and Talen15 As50ciallon- Unreslrfcted granttoward5 the organisalion's goals anrt outcome5 forlhe benerrt of Soulhwart re51dents Brfdge The Gap SludSos- Granl towards My Scrlpl Progiamme forywr¥J people Sathon Youth Centre- Unrestricted fundng towards the organL88liorfs goals and oulcomeg forlhp benefft of Soulhwatk re￿dentS The Movement Factory- Grani toward$ The Movement Fartory goals aTrJ knleThJed outcome5 a5 relevanl to Southw￿￿ Home-slart Southwark1 - Unrestrkled grant iowards HOTh Stsrt St￿￿￿alk,5 goals and inlended outcot￿3 as relevantto SoLrthwark English ForAclith)- Grani lo support the organisalions programme of ESOL and corrrnunity organislng fN Soulhwark resbjents Slep NowGlobal C.l.C. Restrlcted fundirvJ towards the Patlem Your Future Project Soulhwark Law Centre- Grartlo supp)rt the yovi%ion oflegal and imm￿jrall0￿ advice for mwJranls and refijgees In Souihw*k Link Age Soutlwark-Un￿sIriCted 9rant Iowdrds knnk Age so￿hwark90alS and oul¢omes forthe resldenls of SOuth￿rk School-Home Support Servlce-Granl to deliver Ihe*famlly suppori 5ervice5 within primary schools arofftd the Brandon and elsewhtie in Walworth Soulhside Young Leader5, Acadeny- Grant to support Iheiredurxtion and attainNÈnt programme for boy5 and young rnen in Srtha London Bubble Theatrt- Unwlrided Granl toward$ Lor*Jon But￿)￿5 goals and outcomes for the re5hfj￿ts of Soulhwafk London Bubble Second Year Power 2- Powerf2 s0￿hwark-follo￿ on grant for work with youNJ people in SoLrth%Ydrk Bede House Assodalon- Bede-Granl towards Bede's dome%Jc vvJkrKe semce In 40,(MJCt 40.000 40.wo 54.000 52,783 40.000 54,000 52.788 22.237 15,000 22,237 15.0(N) 50.000 50.OCrfJ 19,581 19.581 20.000 20.LXK) so,000 50.000 25,0(YJ 25.000 S0,ODJ 50.000 10,0(M) 80,000 10.000 BO.OQO 9,820 9,820 90,000 g0.(KID 40.000 40.000 10.000 80,000 10.000 80.000 30.000 30,000 70,0(K) 70.000 20.000 20,rx)o 31.500 31,500 31.500 31.500 20.OCk) 30,000 Fulure Men- Working wilh youryJ Tnales in Soulhwark In¥pire At St Pelerfs Chur¢h- Yowg peO￿e and young Pembmke House- Unrestricted grant rime and Talents Ass0oai￿n- Tiry* aNJ Talents- UThresM¢tsd grant Slfvetfft Ltd- Older people's fftrLes8 and exercise Soulhwark D2y Cenlre for Asylum Seekers- SDCAS- Unre5trKted FundiThJ Ag¢ UK Lc¥M-.harn and 9DLrtlrwark Grant lovmrds Ihts Ybilh oldèr peo￿• In Southwark Southside Young Leaders. Academy- Grant losupport th￿r deVdopW￿nt and leadership programme for boys in Sfxrthwark Dream Beli￿￿ AGhievB IDBAI CIC- SchoD15 intetvw)tion pr0gTamme fcfyouro peoFle ir? 2022 Slep NwGlob81 C.l.C.- Youih Development programme The Blath SocEty- Core grant to 5UPP(¥t the ¢Jeveloptnenl oflhi% ywng organ*at￿n ashy Wm9s Mini$ty- A¢lnirtie$ and mthual $upportfor¥dneraNewrJmen li￿ng in Southwark EliMho￿e Community Assooation-core grant forolder peO$￿e serwces yo￿9 Future5 CIC- housiny foryoLny people coming out Dfcare in Soulhwa City Bri¢ge Trusi conlribullon 20.000 20,000 30.0(h) 30,OtK) 20,OCpJ 30,OQ) 25,00) 25.Otx) 7,420 9.788 10,OC 7,0(M) 5.wo 1250.000) 691,421 250.000 250.000 Total Large Grants 941,421 317,208 42 United St Saviour's Charity For the year ended 31 March 2023 UnrtStrl¢ted R¢stwl¢¢¢d Endowment 2023 2022 i£} 1£) Small Grants (up to £5,000) Open access Small Grants 116.878 11fj,878 49,280 Total Smal Grants 116.878 11fj,878 49.280 Other Grants Conneated al ChriBlmaB & Warn Hubs USTC conlribuliorTr lo Wa￿￿ Hub5 67.500 15001 67.000 07.500 46.033 500 Total Other Grants soo 67,500 46.033 Gran18 lo lThJMduas laknshouse resldenisl 5,629 Total Grants Awarded 993,401 317.000 1.310.401 414400 43